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Debra Matabvu
THE Reserve Bank of Zimbabwe (RBZ) is set to release the new ZiG20 notes into the market this week.
This follows the successful roll-out of lower denomination ZiG notes and coins ranging from ZiG1 to ZiG10 on Tuesday last week.
RBZ Governor Dr John Mushayavanhu told The Sunday Mail yesterday that the release of higher denomination notes was set to follow in the coming week.
“ZiG notes and coins have been widely accepted,” he said.
“The introduction of coins has alleviated the problem of change, especially for commuters.
“ZiG20 notes will be introduced next week (this week), after which other denominations will follow.”
The ZiG notes and coins, which range from ZiG1 to ZiG200, are being drip-fed into the market, starting with smaller denominations.
The central bank has set weekly cash withdrawal limits at ZiG3 000 for individuals and ZiG30 000 for corporates to manage the initial roll-out.
The new currency, backed by a combination of gold, precious minerals and foreign currency reserves, started circulating in the market last week.
All ZiG banknotes and coins were printed locally.
The apex bank is also undertaking phase two of an extensive public education awareness campaign, in partnership with the Ministry of Information, Publicity and Broadcasting Services, to ensure stakeholders understand and embrace the new currency.
A member of the RBZ Monetary Policy Committee, Mr Persistence Gwanyanya, said ZiG had been embraced by the market.
“The new currency was received very well in the market and this comes as extensive awareness programmes are going on across the country,” he said.
“So far, the Governor has visited five provinces, meeting different stakeholders and explaining ZiG, which is very commendable.”
The new currency replaced the Zimbabwe dollar, whose value was eroding rapidly over the last few months.
As of April 5, the RBZ had in its reserves US$100 million in foreign currency and 2,5 tonnes of gold valued at US$185 million to back the new currency.
Online Reporter