Chronicle Editor
Sikhulekelani Moyo,[email protected]
RESERVE Bank of Zimbabwe (RBZ) has partnered with Homelink, in a development meant to widen access to Zimbabwe Gold (ZiG) cash.
According to the Central Bank, enough quantities of ZiG coins have been issued to banks to meet demand for small denominations used to conduct low-value transactions, as well as usage of small denominations for change.
For the convenience of the transacting public the Apex Bank has maintained a constant ratio of currency in circulation in relation to other monetary aggregates such as narrow money and broad money.
In a statement, RBZ Governor Dr John Mushayavanhu said the Central Bank is committed to ensuring sufficient local currency, ZiG circulation in the economy as necessary to support normal business transactions and economic activity.
He said pursuant to the above and for the convenience of the transacting public, the bank has made an arrangement with Homelink to widen access to ZiG cash, leveraging on its existing branch network.
“The bank particularly seeks to expand economy-wide availability of small change in the following denominations, ZiG1, ZiG2, ZiG5, ZiG10.
“The bank appeals to all individuals, commuters, public transport operators, retailers, informal traders and their associations, vendor associations and other key stakeholders, which interface with the transacting public, to approach their nearest Homelink branch and swipe for ZiG cash using their local currency debit/credit cards with effect from Monday 10 June 2024,” said Dr Mushayavanhu.
“The exchange of foreign currency cash for ZiG cash can also be made at these Homelink branches at the ruling interbank exchange rate.”
He said this arrangement with Homelink is part of wider initiatives by the Central Bank to ensure availability of adequate ZIG cash in the economy.
Dr Mushayavanhu said Going forward, the initiative will be expanded to other bureau de changes.
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