Zimbabwe has unveiled fresh banknotes and coins, slated to roll out on Tuesday, with all banks having received the local currency from the central bank for nationwide distribution.
The highest denomination of the new currency, dubbed Zimbabwe Gold or ZiG, will be the 200 ZiG note, valued at approximately $15.
As per directives from authorities, individuals will be allowed to withdraw up to ZiG 3,000 per week, while companies can withdraw up to ZiG 30,000.
Media reports suggest that there are no cash withdrawal restrictions for entities such as parliament, courts, and international organizations.
This initiative to introduce a new currency comes amidst mounting inflationary pressures, representing the latest endeavor to stabilize the economy.
However, early signs indicate challenges for the new currency, with a digital version already witnessing a 25% depreciation against the US dollar on the parallel market.
This marks the third currency introduced in Zimbabwe in the past decade. The ZiG is backed by gold and foreign currency reserves, a measure intended to safeguard its value, according to statements from the central bank.
