RBZ SATISFIED WITH CURRENCY SWITCH PROGRESS

HARARE - The Reserve Bank of Zimbabwe (RBZ) has noted satisfactory progress made by some financial institutions in migrating their systems from the Zimbabwe dollar to Zimbabwe Gold (ZiG), the country’s new medium of exchange.

This comes as the transacting public at the weekend faced some bottlenecks as businesses worked flatout to implement a currency changeover without major hassles,

Following the presentation of the 2024 Monetary Policy Statement on Friday by newly appointed Reserve Bank of Zimbabwe Governor, Dr John Mushayavanhu,

the majority of financial services providers immediately suspended RTGS transactions to facilitate a rollover to the new currency.

This left many customers facing transaction challenges, with the majority of service providers insisting on cash transactions only while financial institutions synchronised their payment systems.

However, in an update on Saturday, the RBZ Governor Dr Mushavanhu said: “The Reserve Bank of Zimbabwe would like to advise that the banking sector and payment systems providers (PSP) have made satisfactory progress in converting the Zimbabwe balances into

Zimbabwe Gold (ZiG) balances since the pronouncement of the Monetary Policy measures on April 5, 2024.

“The conversion process will continue for other economic sectors until Friday, April 12, 2024. Thereafter, the Reserve Bank expects that all the online payment platforms will be operating smoothly for all transactions in the economy.”

“As advised in the Monetary Policy Statement and Statutory Instrument 60 of 2024, the transacting public has a transitional period of up to 21 days to convert their Zimbabwe dollar notes and coins to ZiG.