New Currency in Zimbabwe

Reserve Bank Governor Dr John Mushayavanhu has unveiled the much awaited 2024 Monetary Policy Statement. He has introduced a new currency called ZiG.  Dr Mushayavanhu instructed all banks to convert all RTGs accounts to ZiG accounts with immediate effect. The currency according to the RBZ governor will be backed by gold and other foreign currencies. The Central Bank governor also announced the abandonment of the auction system.

The starting rate will be 1:13; this is according to the RBZ governor.