Zimbabwe’s Reserve Bank Governor, John Mushayavanhu, announced the introduction of a new currency called ZiG (Zimbabwe Gold) during the 2024 Monetary Policy Statement presentation on April 5, 2024.
The ZiG notes will be issued in denominations of 1, 2, 5, 10, 50, and 100, with corresponding coins for half and quarter ZiG.
Mushayavanhu stated that effective immediately, banks will convert existing Zimbabwe dollar balances into ZiG.
Zimbabweans have a 21-day window to exchange their ZWL notes for ZiG currency.
Mushayavanhu emphasized that the new ZiG currency will coexist with other currencies in the country’s monetary basket.
The conversion rate for Zimbabwe dollar balances to ZiG will be based on the interbank rate of April 5, 2024.
Starting Monday, individuals holding Zimbabwe dollar notes are advised to deposit them in banks.
Notably, those possessing ZWL$100,000 or more in notes must provide explanations regarding the source and purpose of holding such amounts.
