News / National
'ZiG acceptance rate reaches 91%'
31 Aug 2024 at 11:12hrs | Views
Zimbabwe's local currency, ZiG, has seen a significant boost in public confidence, with acceptance rates soaring to 91% from 61% since its launch in April 2024, according to Reserve Bank of Zimbabwe Governor, Dr. John Mushayavanhu.
In his 2024 Mid Term Monetary Policy Statement, Dr. Mushayavanhu attributed this increased confidence to the currency's stability, which has encouraged both businesses and individuals to trust ZiG for transactions and savings.
The currency's stability is underpinned by substantial reserves, primarily in gold, which grew to US$375 million in June, up from US$285 million earlier in the year.
This stability has also helped maintain a steady ZiG/US$ exchange rate and subdued inflationary pressures in the economy. The Reserve Bank has actively intervened in the foreign exchange market to ensure supply-demand balance, further bolstering currency stability.
To promote widespread adoption and financial inclusion, the central bank launched a comprehensive public awareness campaign, ensuring even rural areas were informed about ZiG's features.
The introduction of ZiG notes and coins, along with the establishment of cash kiosks and swipe facilities, has made the currency accessible nationwide, with ongoing efforts to improve cash availability, particularly in rural areas.
In his 2024 Mid Term Monetary Policy Statement, Dr. Mushayavanhu attributed this increased confidence to the currency's stability, which has encouraged both businesses and individuals to trust ZiG for transactions and savings.
The currency's stability is underpinned by substantial reserves, primarily in gold, which grew to US$375 million in June, up from US$285 million earlier in the year.
This stability has also helped maintain a steady ZiG/US$ exchange rate and subdued inflationary pressures in the economy. The Reserve Bank has actively intervened in the foreign exchange market to ensure supply-demand balance, further bolstering currency stability.
To promote widespread adoption and financial inclusion, the central bank launched a comprehensive public awareness campaign, ensuring even rural areas were informed about ZiG's features.
The introduction of ZiG notes and coins, along with the establishment of cash kiosks and swipe facilities, has made the currency accessible nationwide, with ongoing efforts to improve cash availability, particularly in rural areas.
Source - The Herald
