In a recent press statement, the Reserve Bank of Zimbabwe provided an update on the progress of currency conversion from Zimbabwe Dollar (ZW$) to Zimbabwe Gold (ZiG), highlighting significant achievements by the banking sector and payment service providers.
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With over 90% of banking institutions and mobile bank service providers successfully transitioning their systems and processes to ZiG, banking services are now readily accessible to the transacting public, reflecting a positive response from both businesses and the general public towards adopting ZiG.
However, the Reserve Bank acknowledges concerns raised by the public regarding the rejection of ZW$ notes, leading to a scarcity of ‘change’ and businesses rounding off prices to US$1, particularly in commuter omnibuses.
To address this, the Bank reiterates that ZW$ notes currently in circulation remain valid and legal tender until April 30, 2024, and should be used for transactions at the announced ZiG/ZW$ conversion factor.
Business entities, including commuter omnibuses, shops, fresh vegetable markets, and vendors, are advised to continue accepting ZW$ payments until the stipulated deadline.
Furthermore, the Bank clarifies that the Know Your Customer (KYC) transaction limit of ZW$100,000 does not apply to proceeds from legitimate business transactions during the transition period.
The Reserve Bank emphasises its ongoing educational and awareness campaign on the transition from ZW$ to ZiG, aimed at ensuring inclusivity and reaching a wider spectrum of society by April 30, 2024, aligning with the Bank’s financial inclusion strategy.
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Dr. John Mushayavanhu, Governor of the Reserve Bank, reaffirms the commitment to a smooth transition process and urges continued cooperation from the public and businesses alike.
Date: April 10, 2024
