ZiG notes, coins go into circulation on Tuesday

The much-awaited physical introduction of Zimbabwe’s new currency the ZiG takes place Tuesday.

Banks have collected the currency from the Reserve Bank of Zimbabwe (RBZ).

“We will be seeing the new notes and coins effective this Tuesday, all the modalities have been completed and come tomorrow [Tuesday] morning, Zimbabweans can begin to use the currency depending on the logistics of each bank,” RBZ governor Dr John Mushayavanhu confirmed on Monday.

While the government and Central Bank have been fulsome in praise of the new project, the market is largely wary, from cautiously optimistic to dismissive.

The currency is backed by Nostro balances and precious minerals the government holds.

In a statement on Monday evening, RBZ’s Monetary Policy Commitee (MPC) ‘directed the Reserve Bank to ensure that there is effective communication on the new structured currency, ZiG, to cover the whole country to ensure that there is financial inclusion.’