Zimbabwe has introduced a new currency, the ZiG, as announced by the new Reserve Bank of Zimbabwe (RBZ) Governor, John Mushayavanhu in the 2024 Monetary Policy Statement.
One of the most notable features of the ZiG is its backing by gold, a move aimed at providing a stable and secure foundation for the currency. This gold-backed approach is expected to enhance the currency’s credibility and attractiveness to both local and international investors.
Statutory Instrument 60 of 2024, the legal framework for ZiG, was released on Friday 5 April 2024.
The introduction of the ZiG, which stands for “Zimbabwe Gold” and replaces the Zimbabwean Dollar. The new currency comes in denominations of 1, 2, 5, 10, 50, 100, and 200 with coins for half and a quarter ZiG. The starting exchange rate to be gazetted, of the ZiG currency will be at a rate of US$1: 13.56.
Zimbabweans have been given a 21-day window to exchange their old ZWL notes for the new currency.
Transitioning to ZiG: What You Need to Know
The interbank rate of April 5, 2024, will be used to convert Zimbabwe dollar balances to ZiG. Despite the introduction of the ZiG, Governor Mushayavanhu reassured the public that the multicurrency system would remain in place.
“The US dollar remains legal tender. The ZiG will circulate alongside other currencies,” he stated, highlighting the continued flexibility and inclusivity of Zimbabwe’s monetary policy.
All banks have been directed to convert their systems to the ZiG currency.
Please note, that ZIMRA has not provided any further guidance for April 2024 payrolls regarding tax tables, reliefs, etc. We are keeping close to the ZIMRA website and other networks so that we can implement changes to the system once more details are shared.
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