THE Reserve Bank of Zimbabwe (RBZ) has completed printing and minting the new Zimbabwe Gold (ZiG) banknotes and coins that are set to be introduced into the market on Tuesday next week.
In an exclusive interview with the source , RBZ Governor Dr John Mushayavanhu said the new currency denominations — backed by a combination of gold, precious minerals and foreign currency reserves — were produced locally.
He said the central bank had produced enough notes and coins “to satisfy the needs of the market”.
The delay in rolling out physical notes and coins was meant to allow for extensive public education campaigns designed to ensure that stakeholders understand and embrace the new currency.
ZiG notes will be drip-fed into the market in denominations ranging from ZiG1 to ZiG200.
The coins will come in the form of half ZiG and quarter ZiG.
“The new currency has already been introduced,” said Dr Mushayavanhu.
“It was introduced on April 5 when we announced the Monetary Policy Statement.
“On that day, we converted all our Zimbabwe dollar balances into ZiG.
“So, if you go to your bank today, you will find that your balance has been converted to ZiG.
“The next stage is now to introduce the notes and coins.
“And these are the ones that are going to be introduced on April 30. The money has already been printed. It is there.”
The central bank, said Dr Mushayavanhu, was presently conducting extensive educational campaigns to raise awareness on features of the new currency.
“But before issuing it to the public, we have to make sure that we have undertaken an extensive education campaign so that people understand the features of the new currency,” he added.
“We want to avoid a situation where some unscrupulous people can cheat people by giving them fake notes and coins.
“So, this process is ongoing.”
The bank, he said, was working closely with the Ministry of Information, Publicity and Broadcasting Services to publicise the new currency in all parts of the country.
Dr Mushayavanhu said ZiG was a stable currency that has been gaining value progressively since its introduction.
Source Sunday Mail
