Zimbabwe Introduces New Currency “ZiG” for Monetary Simplification

Starting April 5, 2024, Zimbabwe has adopted a new currency called Zimbabwe Gold (ZiG) to simplify financial transactions and promote predictability. This currency will circulate alongside other foreign currencies in the economy.

Following the transition, domestic traders are urged to adjust their pricing strategies accordingly to accommodate the currency reforms set by the Reserve Bank of Zimbabwe (RBZ).

RBZ reports satisfactory progress in converting Zimbabwe dollar balances into ZiG balances within the banking sector and Payment Systems Providers (PSP) since the announcement of the Monetary Policy measures. The conversion process will extend to other economic sectors until April 12, 2024.

During a transitional period of 21 days, starting from the issuance date, the public can convert Zimbabwe dollar notes and coins to ZiG at a conversion rate of 2498.7242. ZiG notes and coins will begin circulating on April 30, 2024, following an extensive educational campaign on their security features.

RBZ assures the public that the currency transition process is conducted to preserve value and ensure transactional convenience. Patience is requested from the public during this transitional period.