The Reserve Bank Zimbabwe (RBZ) is distributing new Zimbabwe Gold (ZiG) banknotes and coins to banks starting Monday.
Apparently, the central bank has set withdrawal limits: Weekly cash withdrawal limits set at ZiG3,000 for individuals and ZiG30,000 for corporates.
The public can start withdrawing cash from their respective accounts on Tuesday.
RBZ says all ZiG banknotes and coins are produced locally.
Banks have been implored to ensure that no criminal activities occur, and requests above limits must be submitted to Financial Intelligence Unit (FIU) with valid grounds.
🔵Operational Readiness: Banks prepared for rollout; conducting publicity campaigns.
🔵Denominations: ZiG notes and coins in denominations from ZiG1 to ZiG200.
🔵Currency Replacement: ZiG replaces depreciating Zimbabwe dollar; backed by US$100m in foreign currency and 2.5 tonnes of gold valued at US$185 m.
