Zimbabwe has new currency, the ZiG

Zimbabwe has a new currency, it is being reported.

There is no live broadcast of the new Reserve Bank of Zimbabwe Governor John Mushayavanhu.

The notes are coming in denominations of 1, 2, 5, 10, 50, 100 and 200. Coins for half and a quarter ZiG, ZimLive is reporting.

The currency has been printed and will be available from next week Monday.

All Zimbabwe Dollar obligations will be converted to ZiG and people are told that banks will accept old notes for the next 21 days.

RBZ governor John Mushayavanhu: “Those with Zimbabwe dollar notes should deposit them in banks starting Monday, but those with ZWL100,000 worth of notes have to explain the source and why they were keeping it.”

The ZiG is a structured currency, that is backed by minerals. It was on the market before as a gold token.

The multi-currency system will stay until 2030 as per law.

UPDATED: Zimbabwe’s new structured currency ZiG will be introduced at 13.56 per dollar on April 8. That is USD1 is 13.56 ZiGs

This is developing story

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