NEW ZIM CURRENCY LATEST: Introduction of Zimbabwe Gold (ZiG) to replace the Zimbabwe Dollar (ZWL)

ZIMBABWE has introduction a new currency named Zimbabwe Gold (ZiG) to replace the Zimbabwe Dollar (ZWL). ZiG money(pictured) will be available in coins and notes, with an initial exchange rate against the US dollar.

Market-determined exchange rates will replace the previous auction system. Quasi-fiscal obligations will be transferred to the treasury. Banks will accept old ZWL currency for a limited time.

ZiG will be backed by reserves including gold and other precious metals. 25% of export receipts must be surrendered to the RBZ. Monthly service fees on small bank accounts will be abolished.

Companies are required to pay half of their taxes in ZiG. Businesses have a deadline to adapt systems for ZiG transactions. RBZ’s ability to increase money supply depends on expanding reserves.

Pictures of ZIM Money: Zimbabwe Gold Currency