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New ZiG currency notes, coins hit the market; RBZ releases smaller denominations first

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By Alois Vinga


THE new Zimbabwe Gold (ZiG) currency circulation kicked off Tuesday as members of the public were able to withdraw the new notes and coins from banks across the country.

The developments are set to ease change shortages which had choked the markets over the last fortnight.

Speaking to NewZimbabwe.com, the citizens who had managed to withdraw the new currency expressed optimism over the latest developments.

“I hope traders across the formal and informal markets are going to accept the new currency smoothly and cease the practice of pegging rounded figures which had become the norm over the last two weeks,” said one Tapiwa Ngwena in Harare CBD.

However, smaller denominations in the form of coins and notes of ZiG10 were withdrawn on the first day.

Market watchers are of the view that the release of higher denominations could easily result in the new currency’s value being eroded by market speculators.

By the close of business Tuesday, the impact of the new currency had not yet made an impact in what experts believe to be a normal trend on the first day of inception.

Early this week, the RBZ governor Dr John Mushayavanhu said authorities had finalised the distribution systems for the ZiG currency.

“We will be seeing the new notes and coins effective Tuesday.All the modalities have been completed and come tomorrow morning, Zimbabweans can begin to use the currency depending on the logistics of each bank.

“There is that need for Zimbabweans to use the ZiG. I implore the nation to focus on a currency preservation system to facilitate ease and convenience to Zimbabwe.It is all about confidence and as the central bank , we are guaranteeing confidence in the economy,” he said.