The Zimbabwean financial sector is gearing up to update its payment systems this week to align with the country’s newly introduced currency, ZiG, unveiled on Friday.
Zimbabwe Financial Sector Prepares for Transition to ZiG Currency
Conversion processes for sectors beyond financial services will continue until Friday, April 12th, as announced by the Reserve Bank of Zimbabwe. Subsequently, all online payment platforms are expected to operate seamlessly for financial transactions.
Zimbabwe has introduced the ZiG, a gold-backed currency, in its latest effort to stabilize an economy that has faced persistent challenges over the past 25 years.
The new ZiG notes incorporate various security features, including watermarks, fluorescent security threads, and QR codes, aimed at deterring counterfeiting and ensuring the currency’s integrity.
Central Bank governor John Mushayavanhu emphasized that the ZiG would operate based on a market-determined exchange rate, providing a structured approach to currency management.
ZiG Replaces the Zimbabwean Dollar
The ZiG replaces the Zimbabwean dollar, or RTGS, which has experienced a significant depreciation, losing three-quarters of its value since the beginning of the year.
In a recent statement, the Central Bank commended the banking sector and payment systems providers for their satisfactory progress in converting Zimbabwean dollar balances to ZiG balances since the announcement of Monetary Policy measures on April 5, 2024.
Mushayavanhu urged the public to exercise patience during the transition period, emphasizing the need for cooperation from all sectors of the economy as they adapt to the new currency and financial landscape.
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