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Tuesday, May 28, 2024

Little to no progress in converting Zim dollar balances to ZiG

Story by Owen Mandovha

BANKS and payment service providers have made little progress in converting clients’ Zimbabwe dollar bank balances into ZiG as only USD transactions are being conducted with most supermarkets registering low business activity this Monday.

A survey conducted by ZBC News in Harare revealed that most online payment platforms for ZiG transactions are still suspended and supermarkets are only processing US$ transactions as banks have not successfully aligned their systems to the new ZiG currency regime.

During his Monetary Policy Statement presentation, Reserve Bank of Zimbabwe Governor, Dr John Mushayavanhu said banks would have successfully converted Zimbabwe dollar balances into ZiG balances by end of day this Monday.

Bankers Association of Zimbabwe president, Mr Fanwell Mutogo shied away from giving a position on the progress banks have made and did not give a position on the progress of transitioning into the new ZiG currency regime.

However, some banks such as NMB have alerted their clients of new ZiG balances having successfully converted from the Zimbabwe dollar balances while mobile money operator, Ecocash is now displaying ZiG currency functions on its menu.

“Our members have accepted the introduction of the new ZiG currency and are still reconfiguring their systems to the new currency regime. However, there is low business activity as most mobile platforms are still down and banks have not yet completed transitioning to the new ZiG currency,” said Confederation of Zimbabwe Retailers president, Denford Mutashu.

Zimbabwe dollar bank balances are being converted into ZiG currency using a rate of 1 is to 2498.72.

The Reserve Bank of Zimbabwe (RBZ) has advised the nation that new ZiG notes and coins will start circulating on the 30th of this month, hence for now transactions in ZiG will only be restricted to online and mobile platforms.

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