The Zimbabwe Gold (ZiG) bank notes and coins were rolled out yesterday with several banks failing to satisfy demand while the general public expressed caution over the new currency introduced by the Reserve Bank of Zimbabwe (RBZ) early last month.
A snap survey conducted by NewsDay yesterday indicated that
the majority of banks had no cash fuelling scepticism among the banking public
which had waited for close to a month for the notes and coins.
NewsDay established that banks were only issuing coins and
ZIG10 notes.
The highest denomination is ZiG200.
Farmers and traders at the populous Mbare Market in Harare
said they were anxiously waiting for the ZiG notes and coins.
“We have not yet transacted using the ZiG as we wait for
those with bank accounts to withdraw the money and use it when transacting with
us,” a vendor said.
A farmer, however, said the notes and coins would bring
convenience to the market.
“We have been struggling with change to an extent where we
were giving people some extra produce to compensate for cents,” he said.
“We are, however, yet to see how this is going to play but
I believe it is going to be helpful.”
Zimbabweans who failed to access the ZiG from automated
teller machines expressed concern over the new currency, highlighting trust
issues over its value.
“I haven’t seen the new currency on the streets yet, and as
for me it will take time for me to adjust. I do not think I will accept the ZiG
if I am given it as change on the commuter omnibus,” one woman said.
Bankers Association of Zimbabwe president Lawrence Nyazema
said the banks received the notes and coins yesterday.
“They (RBZ) said the notes and coins are coming, for now
let us use what we have been using until we have the money,” he said.
Nyazema cautioned against panic among the transacting
public over the recently released currency.
“We do not need to go back to the situation where we were
with the currency losing value over speculative motives,” he said.
The ZiG replaces the Zimdollar that had continually lost
value since its reintroduction by President Emmerson Mnangagwa in 2019.
Authorities have said the ZiG is backed by gold and foreign
currency reserves.
The ZiG is currently trading at a rate of 14:00 against
US$1.
In a statement after the Monetary Policy Committee (MPC)
meeting, RBZ governor John Mushayavanhu said the committee had noted that the
2024 Monetary Policy Statement (MPS) was well received by the market.
“Preliminary indications since the announcement of the MPS
show that the markets have been fairly stable.
“In this regard, the MPC affirmed its commitment to the
consolidation of these positive sentiments and ensure a quick restoration of
confidence, trust and anchoring of inflation expectations,” he said.
“The MPC will proactively review the monetary policy
measures in line with exchange rate and inflation developments,” he said.
Mushayavanhu said the MPC directed RBZ to ensure there is
effective communication on the new structured currency, ZiG, which cover the
whole country to ensure there is financial inclusion.
“The Reserve Bank was also directed to ensure that, at all
times, any growth in reserve money is fully covered by reserves, in the form of
gold, other precious minerals and foreign currency balances in the Reserve
Bank’s nostro account,” he said. Newsday
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