RBZ Says To Introduce New ZiG Denominations This Week

The Reserve Bank of Zimbabwe (RBZ) is set to release the new ZiG20 notes into circulation this week following the rollout of lower denomination ZiG notes and coins ranging from ZiG1 to ZiG10 on Tuesday last week.

Speaking to State media on Saturday, RBZ Governor John Mushayavanhu said that ZiG20 banknotes will be released this week followed by other higher denominations later. He said:

ZiG notes and coins have been widely accepted. The introduction of coins has alleviated the problem of change, especially for commuters.

ZiG20 notes will be introduced next week (this week), after which other denominations will follow.

The ZiG notes and coins, which range from ZiG1 to ZiG200, as well as the electronic ZiG, are backed by gold, other precious minerals and foreign currency reserves.

Presenting the Monetary Policy Statement (MPS) on 05 April, Mushayavanhu said the Central Bank had in its reserves US$100 million in foreign currency and 2,5 tonnes of gold valued at US$185 million to back the new currency.

The ZiG currency replaced the Zimbabwe dollar, whose value had been eroding rapidly since the start of the year.

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