Zimbabwe has announced the introduction of a new currency, the ZiG, in a move aimed at addressing the country’s ongoing financial challenges.
The news comes amidst reports of the Reserve Bank of Zimbabwe’s new Governor, John Mushayavanhu, although no live broadcast was available at the time of the announcement.
The new currency will come in denominations of 1, 2, 5, 10, 50, 100, and 200, along with coins valued at half and a quarter ZiG. It is scheduled to be made available starting next week Monday, following the completion of printing operations.
In a bid to facilitate the transition, all Zimbabwe Dollar obligations will be converted to ZiG, and citizens are encouraged to deposit their old notes in banks within the next 21 days. Governor John Mushayavanhu emphasized that individuals holding large amounts of Zimbabwe dollar notes will be required to provide explanations regarding the source and purpose of their holdings.
The ZiG is characterized as a structured currency backed by the country’s mineral resources. Currently, 1 ZiG is valued at 6 US cents. Despite the introduction of the ZiG, Zimbabwe will maintain its multi-currency system until 2030, as mandated by law.
This is a developing story, and further details are expected to emerge as the situation unfolds.
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