The Reserve Bank of Zimbabwe (RBZ) says it is satisfied with the progress made in converting ZW$ balances into Zimbabwe Gold (ZiG) balances since the announcement of Monetary Policy measures on April 05, 2024.
In a statement issued on Saturday evening, RBZ Governor John Mushayavanhu said the conversion process will continue for other sectors until April 12, 2024.
Mushayavanhu also said ZiG notes and coins will begin circulating in the economy on April 30, 2024. Reads the statement:
The Reserve Bank of Zimbabwe (the Reserve Bank) would like to advise that the banking sector and Payment Systems Providers (PSP) have made satisfactory progress in converting the ZW$ balances into Zimbabwe Gold (ZiG) balances since the pronouncement of the Monetary Policy measures on 5 April 2024.
The conversion process will continue for other economic sectors until Friday, 12 April 2024. Thereafter, the Reserve Bank expects that all the online payment platforms will be operating smoothly for all transactions in the economy.
As advised in the Monetary Policy Statement and Statutory Instrument 60 of 2024, the transacting public has a transitional period of up to 21 days to convert their ZW$ notes and coins to ZiG.
Accordingly, the ZW$ notes and coins will continue to be used for transactional purposes at the ZiG: ZW$ conversion factor of 2498.7242 applicable on the 8th of April 2024 within the 21-day transitional period.
The ZiG notes and coins are by these presents declared to be in production and will start circulating in the economy on 30 April 2024 to allow the Reserve Bank to undertake an intensive educational and awareness campaign on the key security features of the ZiG notes and coins.
The campaign is expected to reach out to a wide spectrum of society consistent with the Reserve Bank’s financial inclusion thrust.



More: Pindula News
Mboro🍆💦 · 1 year ago
*I will not run for third term, vows Mnangagwa*
HARARE — President Mnangagwa says he does not have intentions to run for a third term, insisting there is “no iota of evidence” where he or the ruling party Zanu-PF, have pushed for something that violates the supreme law of the land.
In an exclusive question-and-answer interview with “Brick by Brick” magazine, Mnangagwa indicated that speculation that the Constitution would be amended for him to run for another term were misplaced.
“Well, I am very happy that Zimbabweans are very imaginative,” he said.
“They can imagine about anything, which shows there is democracy in the country, you see. But we in Zanu-PF are very democratic and we obey the Constitution.
“There is not an iota of evidence where Zanu-PF or I, as President, has ever expressed the violation of our Constitution.
“But we allow people to dream properly or widely. They will still wake up and find things are working and the Constitution hasn’t changed.”
In terms of the Constitution, extending presidential term limits would require amending Section 91 of the supreme law, which disqualifies a person “for election as President or appointment as Vice-President if he or she has already held office as President for two terms, whether continuous or not, and for the purpose of this subsection three or more years’ service is deemed to be a full term”.
The Bill containing the amendment must be passed by a two-thirds majority in both the National Assembly and the Senate.
However, Section 328 (7) does not allow an incumbent to extend the period he may hold office. In effect, amending Section 91 to extend presidential term limits will apply only to future Heads of State.
Section 328 (7) can only be amended through a referendum, as set out under Section 328 (9) of the Constitution.
The latest interview is the second time Mnangagwa has publicly pronounced that he will not seek re-election.
In an interview with ZTN Prime on the eve of last year’s harmonised elections, he said: “I am going for my second term . . . this is my last term. “I believe that my party in particular, Zanu-PF, embraces our vision that, first and foremost, the stability of our country depends on us; the modernisation and industrialisation of our country depends on ourselves.
“People from outside can only come and support our programme.”
In the interview with “Brick by Brick”, the President, however, said in cases where governments intend to amend constitutions, due process has to be followed.
“A constitution is supposed to be made by the people of the country,” he added.
“Once you have come up with your own constitution, before you change it, you must comply with what it says.”
Constitutions, added Mnangagwa, are changed “if you are not happy with what the constitution is saying”.
“The constitution doesn’t make the country,” he continued. “It’s the country which makes the constitution. As long as your constitution is serving you well, keep it. If it’s not serving you well, you sit down and amend the provisions that no longer serve the interests of the country. We must be constitutional democracies, like ours.”
Turning to Zimbabwe’s assumption of the Sadc chairmanship, the President said he will prioritise regional food security and peace during his tenure The broader Sadc agenda, he said, does not change with the assumption of office by a new chairperson. _*— Pindula*_