from DANAI MWARUMBWA in Harare, Zimbabwe
Zimbabwe Bureau
HARARE, (CAJ News) – ZIMBABWE has introduced a new gold-backed currency, Zimbabwe Gold (ZiG).
John Mushayavanhu, recently appointed Reserve Bank of Zimbabwe (RBZ) governor, unveiled the currency on Friday as he presented the bank’s Monetary Policy statement, themed, “Back To Basics: Recalibrating The Monetary Policy Framework To Anchor Currency, Exchange Rate And Price Stability.”
The ZiG denominations are 1, 2, 5, 10, 20, 100 and 200 and a ZiG half and a quarter.
The starting exchange rate to be gazetted next Monday will be at a rate of US$1: ZiG13,56.
Mushayavanhu said once the local currency is redenominated in ZiG all domestic traders are expected to consistently modify their pricing strategy to account for the currency reforms from the RBZ.
Within seven days from 5 April 2024, all entities other than banks and mobile network operators are expected to have completed the configuration of their systems to conduct business in ZiG.
Use of the Zimbabwean dollar as an official currency was abandoned in 2009 because of record hyperinflation. It was demonetised in 2015.
– CAJ News