The Reserve Bank of Zimbabwe (RBZ) says it is satisfied with the progress made in converting ZW$ balances into Zimbabwe Gold (ZiG) balances since the announcement of Monetary Policy measures on April 05, 2024.
In a statement issued on Saturday evening, RBZ Governor John Mushayavanhu said the conversion process will continue for other sectors until April 12, 2024.
Mushayavanhu also said ZiG notes and coins will begin circulating in the economy on April 30, 2024. Reads the statement:
The Reserve Bank of Zimbabwe (the Reserve Bank) would like to advise that the banking sector and Payment Systems Providers (PSP) have made satisfactory progress in converting the ZW$ balances into Zimbabwe Gold (ZiG) balances since the pronouncement of the Monetary Policy measures on 5 April 2024.
The conversion process will continue for other economic sectors until Friday, 12 April 2024. Thereafter, the Reserve Bank expects that all the online payment platforms will be operating smoothly for all transactions in the economy.
As advised in the Monetary Policy Statement and Statutory Instrument 60 of 2024, the transacting public has a transitional period of up to 21 days to convert their ZW$ notes and coins to ZiG.
Accordingly, the ZW$ notes and coins will continue to be used for transactional purposes at the ZiG: ZW$ conversion factor of 2498.7242 applicable on the 8th of April 2024 within the 21-day transitional period.
The ZiG notes and coins are by these presents declared to be in production and will start circulating in the economy on 30 April 2024 to allow the Reserve Bank to undertake an intensive educational and awareness campaign on the key security features of the ZiG notes and coins.
The campaign is expected to reach out to a wide spectrum of society consistent with the Reserve Bank’s financial inclusion thrust.
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