The governor of the Reserve Bank of Zimbabwe (RBZ), John Mushayavanhu, has revised his earlier decision regarding the phasing out of ZWL notes, stating that they will remain legal tender until further notice. Initially, during the presentation of the Monetary Policy Statement and the introduction of the new currency ZiG on April 5, Mushayavanhu had […]
RBZ Implements New Cash Withdrawal Limits for ZiG Currency
The Reserve Bank of Zimbabwe (RBZ) has established the weekly cash withdrawal limits at ZiG3 000 for individuals and ZiG30 000 for corporates. According to Central Bank Governor John Mushayavanhu, the distribution of ZiG banknotes and coins to commercial banks will commence tomorrow (Monday). On Tuesday, April 30, 2024, members of the public will be […]
Crackdown on Illegal Forex Traders in Harare Amid Zimbabwe Gold Currency Turmoil
A crackdown on illicit foreign exchange traders operating in the streets of Harare has resulted in the apprehension of a total of 65 individuals, who are scheduled to appear in court this Monday, April 22, 2024. This initiative comes as the government endeavors to safeguard the integrity of the newly introduced currency, Zimbabwe Gold (ZiG), […]
Zimbabwe’s New Gold-Backed Currency Faces Hurdles in Fuel Purchases
The Zimbabwe Gold (ZiG), heralded as a pivotal move to stabilize the volatile domestic currency, still falls short in its utility for purchasing fuel at service stations, according to a statement released by the Reserve Bank of Zimbabwe (RBZ). Announced by central bank governor John Mushayavanhu on Friday, the new gold-backed ZiG commenced trading on […]
Harare Vendors Shun Bond Notes as New ZiG Dollar Takes Center Stage
Despite Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanu’s announcement that the old notes would cease to be legal tender by the end of April, vendors in Harare have ceased accepting bond notes following the introduction of the new currency, Zimbabwe Gold (ZiG dollar). Mushayavanhu launched Zimbabwe’s new gold-backed currency on Friday in response to […]
RBZ Announces Commencement of ZiG Notes and Coins Circulation on April 30th
The Reserve Bank of Zimbabwe (RBZ) has expressed contentment with the advancements achieved in transitioning ZW$ balances into Zimbabwe Gold (ZiG) balances following the declaration of Monetary Policy measures on April 5, 2024. In a release issued on Saturday evening, RBZ Governor John Mushayavanhu conveyed that the conversion initiative will persist for additional sectors until […]
Zimbabwe Introduces ZiG Currency Backed by Gold and Foreign Reserves
Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu recently unveiled plans for the introduction of a new currency, ZiG (Zimbabwe Gold), which will be backed by a diverse array of assets including foreign currencies, gold, and other precious metals. During the presentation of the 2024 Monetary Policy Statement (MPS) on April 5, 2024, Mushayavanhu disclosed […]