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Tuesday, May 28, 2024

Zimbabwe dollars remain in use for the next 21 days

Story by Owen Mandovha

THE public has been advised that the current Zimbabwe dollar notes remain in use for the next 21 days until the transition to the new Zig currency is finally completed.

The Reserve Bank of Zimbabwe has advised the public not to panic, stating that the existing Zimbabwe dollars notes remain legal tender for the next 21 days.

In a statement released this Saturday, the Reserve Bank of Zimbabwe Governor, Dr John Mushayavanhu said that the Zimbabwe dollars can transact but will be converted at the rate of one ZiG to 2498.72 Zimbabwe dollars at the point of transacting until the process of transitioning to the new Zig currency is completed.

Dr Mushayavanhu also noted that the new ZiG notes and coins are currently being produced and will start circulating on the 30th of April 2024, adding that Banks and Payment Systems Providers have made progress in converting ZWL balances into the ZiG balances since the pronouncement of the Monetary Policy Statement on Friday last week.

The conversion process is continuing for other economic sectors until Friday the 12th April 2024.

The RBZ Governor also noted that the bank will undertake an intensive educational and awareness campaign on the key security features of the ZiG notes and coins before they start circulating and the campaign will be taken to every place and every person in the country.

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