Blessings Chidakwa and Trust Freddy
THE new Zimbabwe Gold (ZiG) bank notes and coins go into circulation today, bringing relief to the transacting public, with confidence in the gold-backed money growing across all economic sectors.
Informal traders, commuters and other interest groups had been anxiously awaiting an alternative to the electronic payment methods which, apart from hard currency cash transactions, had been solely in use since the launch of ZiG on April 5.
Major companies in the manufacturing, retail, wholesale and aviation industries have been accepting electronic ZiG payments ahead of today’s roll out of the physical currency.
Banks yesterday took delivery of notes and coins purchased from the Reserve Bank of Zimbabwe for commencement of withdrawals by depositors today.
The central bank has since set weekly cash withdrawal limits at ZiG3 000 for individuals and ZiG30 000 for corporates to manage the initial roll-out.
In an update yesterday, RBZ Governor Dr John Mushayavanhu said authorities had finalised the distribution systems by the end of the business.
“We will be seeing the new notes and coins effective this Tuesday (today). All the modalities have been completed and come tomorrow morning (today), Zimbabweans can begin to use the currency depending on the logistics of each bank.
“There is that need for Zimbabweans to use 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,” said Dr Mushayavanhu.
Confederation of Zimbabwe Retailers (CZR) president Mr Denford Mutashu said: “We are ready for the introduction of ZiG coins and ZiG notes.
“We are quite optimistic because the market has been eagerly awaiting the coins to help address the issue of change shortage.
“Consumers and the general public are tired of receiving coupons and candy instead of their change.”
Mr Mutashu urged retailers to strictly adhere to the official exchange rate, saying: “We have extensively engaged with our membership, both formal and informal.
