By Evans Dakwa
Phew! The wait is over and the ZiG takes over as Zimbabwe’s new currency.
Reserve Bank of Zimbabwe, John Mushayavanhu has announced the country’s new currency as the ZiG putting to rest the anxiety which had gripped the nation in anticipation of the Monetary Policy Statement.
Much to the relief of many Zimbabweans, the new currency will circulate alongside other currency basket of currencies and its value to the USD is derived from the market value of the digital gold coin price per milligram.
This effectively means 1 Zig is equivalent to 0.0696 US$ cents giving us an exchange rate of 1 US$ equivalent 16.66 ZiG
“”The notes are coming in denominations of 1, 2, 5, 10, 50 and 100. Coins for half and a quarter ZiG,” said the Chief Banker Mushayavanhu.
He also indicated that all ZWL currencies to be converted to ZiG with those holding on to old notes being given 21 days to deposit them in banks, however there is a catch for cash hoarders who might be having lump sums old notes.
“With effect from today, banks shall convert the current Zimbabwe dollar balances to ZiG. Zimbabweans have 21 days to exchange ZWL notes for Zig. 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, ” said the Governor.