RBZ clarifies ZWL note usage during ZiG rollout

Nyashadzashe Ndoro

ZIM NOW REPORTER

The Reserve Bank of Zimbabwe has assured the public that Zimbabwean Dollar notes will continue to be accepted as legal tender until April 30, 2024.

This comes after concerns arose over the rejection of ZWL notes by some businesses, particularly commuter omnibuses, due to a perceived lack of “change” with the introduction of the new digital currency, the Zimbabwe Gold.

“The Bank acknowledges the concerns raised by the public regarding the rejection of ZWL notes, leading to a shortage of change for small transactions,” said RBZ Governor, John Mushayavanhu.

“We want to emphasise that ZWL notes are still legal tender and should be accepted at a conversion rate of 2 498.7242 ZiG to ZWL1.”

This announcement follows a successful system and process overhaul by over 90% of banking institutions and mobile money platforms to accommodate the ZiG currency. The RBZ said it is encouraged by the positive response from businesses and the public towards embracing ZiG.

“We are happy to see the banking sector and the public adapting smoothly to the new digital currency.

“However, the transition period requires us to address concerns surrounding the ZWL notes being phased out,” Mushayavanhu remarked.

The central bank highlighted specific business sectors that typically deal in smaller transactions, including commuter bus operators, shops, vegetable markets, and vendors. These businesses are encouraged to continue accepting ZWL notes until the official demonetisation date.

“We understand the challenges faced by these businesses, especially regarding change availability.

“We urge them to accept ZWL$ notes during this period to ensure a smooth transition for everyone,” Mushayavanhu added.

The RBZ further assured the public that the Know Your Customer transaction limit of ZWL$100 000 will be waived for legitimate business transactions during this time. This, according to Mushayavanhu, eliminates any concerns businesses might have regarding exceeding KYC limits while accepting ZWL notes.