Zimbabwe government Statutory Instrument on ZiG

Zimbabwe Preisident Emmerson Mnangagwa has released the Statutory Instrument to operationalise the ZiG.

Here we go:

Statutory Instrument 60 of 2024.
(CAP. 10:20)
Presidential Powers (Temporary Measures) (Zimbabwe Gold Notes and Coins) Regulations, 2024
ARRANGEMENT OF SECTIONS
Section

1. Title.
2. New section inserted in Cap. 22:15.
3. ZiG notes and coins deemed to be prescribed by section 44D of Cap. 22:15.
4. Design of ZiG notes.
5. Form and colour of ZiG notes.
6. Conversion of existing Zimbabwe dollar balances into ZiG balances and swap of Zimbabwe dollar banknotes and coins.
7. ZiG to be unit of account for transactions previously denominated in Zimbabwe dollars.
8. Amendment of section 22G of Cap. 23:04.
9. Amendment of section 36G of Cap. 23:06.
10. Amendment of Thirtieth Schedule to Cap. 23:06.
11. Saving provision.
    Screoute: Design, Colour, Size and material of One ZiG,Two ZiG, Five ZiG, Ten Zig. Twenty ZiG, Fifty ZiG, One hundred ZiG and Two hundred ZiG banknotes.

WHEREAS asituation has arisen affecting the economic interests of Zimbabwe that cannot be dealt with adequately in terms of any other law;

AND WHEREAS. because of the urgency of the situation, it is inexpedient to await the passage through Parliament of an Act to deal with it:

AND WHEREAS such a situation has arisen in connection with the need to stabilise prices and the exchange rate by the introduction of adomestic currency backed by foreign exchange reserves, precious metals and valuable minerals:

ZiG to be unit of account for transactions previously denominated in Zimbabwe dollars
7.For the purposes of section 44D of the principal Actas inserted by these regulations, the Minister shall be deemed to have prescribed that, with effect from the date of promulgation of these regulations
(the “effective date’), for accounting and other purposes (including the discharge of financial or contractual obligations), all assets and liabilities that were, immediately before the effective date, valued and expressed in Zimbabwe dollars, shall be deemed to be values in ZiG at rate as converted in terms of section 6(1).
Amendment of section 22G of Cap. 23:04

8. Section 22G (“Intermediated Money Transfer Tax”’)(d) of the Finance Act [Chapter 23:04] 1s amended by the deletion of “(ZIG)”.
   Amendment of section 36G of Cap. 23:06
9. Section 36G (“Intermediated money transfer tax’) of the Income Tax Act [Chapter 23:06] is amended in the definition of “Zimbabwe gold-backed digital token” by the deletion of “or “ZIG”.
   Amendment of Thirtieth Schedule to Cap. 23:06
10. The Thirtieth Schedule (“‘Intermediated Money Transfer Tax”’) to the Income Tax Act [Chapter 23 :06] is amended —
    (a) in the heading by the deletion of “ZiGs” and the substitution of “Zimbabwe gold-backed digital tokens”;
    (b) in subparagraph (1) by the deletion of “(ZiGs)”’.
    Saving provision
11. The gold coins and Zimbabwe gold-backed digital tokens that
    are issued by the Reserve Bank in terms of section 7(d)(1) and 47(3)
    of the Reserve Bank Act and are in circulation on the date of these
    regulations shall continue in circulation after that date and remain as
    investment assets redeemable in accordance with terms and conditions
    determined by the Reserve Bank.

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