Zim introduces ZiG currency

Zim introduces ZiG currency

STAFF REPORTER

Zimbabwe a has introduced a new currency called ZiG, as announced by new Reserve Bank of Zimbabwe Governor John Mushayavanhu in the Monetary Policy Statement today.

The new notes will come in denominations of 1, 2, 5, 10, 50, and 100, with coins for half and a quarter ZiG.

Additionally, all old ZWL currencies are to be converted to ZIG, and banks will accept the old notes for the next 21 days. Governor Mushayavanhu also mentioned that individuals with ZWL100,000 worth of notes will need to explain the source and reason for keeping them.

This development marks a significant change in the currency system of Zimbabwe, and it will likely have implications for the country’s economy and financial transactions.

It’s important to note that the introduction of a new currency can have wide-ranging effects on various aspects of the economy, including inflation, exchange rates, and public confidence in the monetary system. As such, the implementation and reception of the new ZIG currency will be closely monitored.

Given the recent nature of this announcement, it’s advisable to stay updated on official statements and news reports to understand the full implications and implementation of the new currency.