Wed. May 29th, 2024

Zimbabweans will start using fresh banknotes and coins on Tuesday as the country rolls out its third currency in a decade.

The currency, of which a digital version was launched earlier this month, is the latest attempt to control soaring inflation in the country.

But there are signs the Zimbabwe Gold, or ZiG, is already facing problems.

A digital version has lost a quarter of its value against the US dollar on the black market.

The ZiG is backed by gold and foreign currency reserves to help maintain its value, the central bank said.

The highest denomination of ZiG available is the 200 ZiG note, which is worth about $15.

Individuals will be allowed to withdraw a maximum of ZiG 3,000 and companies ZiG 30,000 per week, authorities said.

There are no limits of cash withdrawals for the parliament, courts and international organisations, local media reported.

By Joy

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