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Zimbabwe will start using its new currency from April 30

Zimbabwe will start using its new currency from April 30

The governor of the Reserve Bank of ZimbabweJohn Mushayavanhu, announced this Tuesday that a new currency, the gold of Zimbabwe (ZiG), will enter circulation starting on the 30th, the country’s latest measure to strengthen its unstable economy.

“ZiG banknotes and coins will be distributed on April 30 for use by the public”Mushayavanhu said in an appearance before the Zimbabwean Parliament.

“Our teams are traveling the country to educate the population about the new currency and people must be prepared and accept it at the end of this month,” he added.

Mushayavanhu said all banks must convert their accounts to the new currency and all goods and services in the country also be valued in ZiG, although the Zimbabwe dollar will still be legal tender.

The governor hopes that the adoption of the ZiG will provide more stability and help curb high inflation.

Zimbabwe introduced a multi-currency system in 2009, involving the use of currencies such as the South African rand, the Botswana pula, the pound sterling and the Chinese yuan, following hyperinflation that hit the country’s economy and left the currency worthless. country.

The World Bank estimated that inflation at 231 million percent in November 2008, when it reached its highest point.

In the midst of that crisis, the Government issued a bill of 100 billion Zimbabwe dollars that was not even enough to buy a loaf of bread.

The US currency remains the dominant currency in the southern African country as the value of the Zimbabwean dollar, which was reintroduced in 2019, has continued to devalue due to high inflation.

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Source: Gestion

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