The Reserve Bank of Zimbabwe has provided an update on the ongoing transition from Zimbabwean dollar (ZW$) balances to Zimbabwe Gold (ZiG) balances following the recent Monetary Policy measures.
Since the announcement on April 5, 2024, the banking sector and Payment Systems Providers (PSP) have made satisfactory progress in converting ZW$ balances into ZiG balances.
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According to the Reserve Bank, the conversion process will continue for other economic sectors until Friday, April 12, 2024. After this date, all online payment platforms are expected to operate smoothly for all transactions in the economy.
In line with 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.
During this period, ZW$ notes and coins will continue to be used for transactions at the ZiG: ZW$ conversion factor of 2498.7242, applicable as of April 8, 2024.
Furthermore, ZiG notes and coins are declared to be in production and will start circulating in the economy on April 30, 2024.
This circulation will be accompanied by an intensive educational and awareness campaign by the Reserve Bank to highlight the key security features of the new currency, in line with the bank’s financial inclusion thrust.
Dr. John Mushayavanhu, Governor of the Reserve Bank, emphasized that the issuance of new currency undergoes a thorough process to ensure value preservation and transactional convenience for the public.
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He called for patience from the public as the banking sector, business community, and the rest of the economy transition to the new normal.
The Reserve Bank reassures the public that all necessary steps are being taken to prevent prejudice and ensure a smooth transition during this period of change.
Download the full statement here
