Mnangagwa Administration Unveils ZiG Mari Today
30 April 2024
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Anticipation and speculation surround the launch of Zimbabwe’s new currency, ZiG, as the nation awaits its potential impact on the economy.

Zimbabweans have begun receiving the newly introduced Zimbabwe Gold (ZiG) notes and coins from banks, with hopes pinned on currency stability, streamlined transactions, and value preservation.

As banks in Harare began distributing the fresh notes and coins on Tuesday morning, there’s a palpable sense of optimism that this move will offer a lasting solution to currency-related woes.

Many depositors arrived early to partake in transactions, signaling a positive reception to Zimbabwe Gold as the country embraces currency reforms.

“People are eager to see the promises made during the currency launch being upheld,” remarked one citizen.

Another expressed, “I’m relieved that the currency is now in circulation; let’s observe its performance.”

Initially accessible through electronic means upon its launch on the 5th of this month, the introduction of physical notes and coins is expected to ease transactions alongside other major currencies.

Challenges with informal currency traders have been noted, with some attributing disruptions to their activities.

To manage currency circulation, monetary authorities have set weekly cash withdrawal limits at 3,000 ZiG for individuals and 30,000 ZiG for companies.

The central bank assures that the new currency is backed by a combination of gold and other precious minerals, along with foreign currency reserves.

The Reserve Bank of Zimbabwe (RBZ) reports reserves exceeding US$100 million, including 2.5 tonnes of gold valued at US$185 million.

State Media