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RBZ moves to boost ZiG circulation

by Staff reporter
06 Jun 2024 at 02:51hrs | Views
The Reserve Bank of Zimbabwe (RBZ) has announced a plan to increase the circulation and divisibility of Zimbabwe Gold (ZiG) coins by urging the public, vendors, and transport operators to obtain coins from Homelink branches starting next Monday.

This initiative aims to provide small change and prevent people from losing money due to the current lack of smaller denominations, such as paying ZiG10 (equivalent to US$0.70) for goods valued at US$0.50.

RBZ Governor Dr. John Mushayavanhu emphasized the bank's commitment to ensuring sufficient local currency circulation to support business transactions and economic activity.

The bank aims to make ZiG cash widely available in denominations of ZiG1, ZiG2, ZiG5, and ZiG10.

The public can exchange foreign currency for ZiG cash at Homelink branches at the interbank exchange rate.

The initiative is part of broader efforts to ensure the availability of ZiG cash and will be expanded to other bureaus de change.

The public has welcomed the move, noting it will prevent loss of value in transactions and improve business operations for vendors.

This effort aligns with President Mnangagwa's "Nyika inovakwa nevene vayo" philosophy, emphasizing national self-reliance and development using local currency.

Source - The Herald