Informal traders, commuters and other interest groups had
been anxiously awaiting an alternative to the electronic payment methods which,
apart from hard currency cash transactions, had been solely in use since the
launch of ZiG on April 5.
Major companies in the manufacturing, retail, wholesale and
aviation industries have been accepting electronic ZiG payments ahead of
today’s roll out of the physical currency.
Banks yesterday took delivery of notes and coins purchased
from the Reserve Bank of Zimbabwe for commencement of withdrawals by depositors
today.
The central bank has since set weekly cash withdrawal
limits at ZiG3 000 for individuals and ZiG30 000 for corporates to manage the
initial roll-out.
In an update yesterday, RBZ Governor Dr John Mushayavanhu
said authorities had finalised the distribution systems by the end of the
business.
“We will be seeing the new notes and coins effective this
Tuesday (today). All the modalities have been completed and come tomorrow
morning (today), Zimbabweans can begin to use the currency depending on the
logistics of each bank.
“There is that need for Zimbabweans to use ZiG. I implore
the nation to focus on a currency preservation system to facilitate ease and
convenience to Zimbabwe. It is all about confidence and as the central bank, we
are guaranteeing confidence in the economy,” said Dr Mushayavanhu.
Confederation of Zimbabwe Retailers (CZR) president Mr
Denford Mutashu said: “We are ready for the introduction of ZiG coins and ZiG
notes.
“We are quite optimistic because the market has been
eagerly awaiting the coins to help address the issue of change shortage.
“Consumers and the general public are tired of receiving
coupons and candy instead of their change.”
Mr Mutashu urged retailers to strictly adhere to the
official exchange rate, saying: “We have extensively engaged with our
membership, both formal and informal.
“It is important to note the wide acceptance and use of ZiG
electronic money. We do not expect any deviation from the formal exchange rate,
particularly within the formal sector.”
The Greater Harare Association of Commuter Operators
(GHACO) chairman Mr Ngoni Katsvairo said the ZiG currency comes as a relief for
transport operators.
“We have been facing serious challenges in terms of
providing change to passengers and I believe it’s a relief to all transport
operators.”
However, Mr Katsvairo appealed to the Government to make
sure fuel was sold in ZiG notes and coins.
“We hope that fuel stations will accept ZiG payments.
Challenges may arise if fuel stations reject ZiG notes.
“During the initial days of its introduction, entire trips
could be paid for exclusively in ZiG, so we should have designated fuel
stations that will supply fuel in ZiG notes.”
Economist, Mr Persistence Gwanyanya, who is also a member
of the RBZ Monetary Policy Committee, recently hailed the new currency, saying
it had brought renewed hope on the country’s currency situation and the economy
at large.
“It presents a future and a renewed hope on our currency,
our stability situation and our economy at large. The issue of currency
stability has grown to become a thorn in the flesh, but I think we are in the
process of resolving it permanently.
“We have decided to link the currency to special minerals
so as to manage currency stability through a structured currency called ZiG.
“We have also seen the improvement, interventions on the
market for foreign currency with the abandonment of the foreign currency
auction system and the adoption of a more transparent and more effective system
where the central bank will continue to support, but will give the market
greater leeway to be interacting,” he said.
Last week, Air Zimbabwe joined another local airline
fastjet which was already accepting ZiG, boosting public confidence in the new
currency introduced on April 5.
“We are pleased to advise that Air Zimbabwe accepts ZiG
payments for ticket purchases through our sales offices.
“This move reflects our commitment to adapt to the evolving
financial landscape and offer our stakeholders convenient payment options.
“As we integrate Zimbabwe Gold currency into our payment
systems, we are finalising the process for its acceptance on our online payment
platform,” said Air Zimbabwe in a statement.
The national airline said it understood the importance of
providing seamless and secure online transactions, and had been working
diligently to ensure that the option of online payment was available to its
valued customers.
“Air Zimbabwe remains dedicated to providing excellent
service to our passengers while embracing innovative solutions that benefit
both our customers and the economy.
“We appreciate the continued support of our stakeholders as
we navigate these changes together,” said Air Zimbabwe.
The new currency is backed by a combination of gold,
precious minerals and foreign currency reserves.
Notably, all ZiG banknotes and coins are produced locally.
The ZiG notes and coins will be drip-fed into the market in
denominations ranging from ZiG1 to ZiG200.
The new currency replaced the Zimbabwe dollar, which was
rapidly depreciating against major currencies since the beginning of the year.
RBZ has in its reserves, US$100 million in foreign currency
and 2,5 tonnes of gold valued at US$185 million. Herald
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