Home Business Confusion Surrounds Currency Conversion: RBZ Expert Clarifies New Rates

Confusion Surrounds Currency Conversion: RBZ Expert Clarifies New Rates

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As Zimbabwe transitions to a new currency system, confusion has arisen among citizens regarding the conversion of their holdings. However, Persistence Gwanyanya, a member of the Monetary Policy Committee at the Reserve Bank of Zimbabwe (RBZ), has stepped forward to offer clarity on the matter.

In an interview Gwanyanya addressed the confusion by providing detailed explanations of the conversion process. He revealed that amounts held in bank accounts are now converted to the newly introduced currency, the Zig, at a fixed exchange rate of 1 Zig to 2,500 Zimbabwean dollars.For those grappling with the arithmetic, Gwanyanya simplified the process by illustrating examples: one million Zimbabwean dollars would translate to 400 Zig, while two million would equate to 800 Zig.

Moreover, Gwanyanya shed light on the conversion rate between the Zig and US dollars, elucidating that one US dollar is valued at 13.56 Zig. Thus, 1,000 Zig would correspond to approximately 73.75 US dollars.

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Last week, Dr. John Mushayavanhu, Governor of the Reserve Bank of Zimbabwe (RBZ), announced that ZiG notes and coins will begin circulating in the economy starting April 30, 2024. This initiative is accompanied by an extensive educational and awareness campaign aimed at familiarizing the public with the key security features of the new currency.

Dr. Mushayavanhu emphasized the RBZ’s commitment to ensuring that the transition is conducted smoothly, with measures in place to safeguard the public from any potential prejudice or inconvenience. He cautioned against unscrupulous practices by service providers during such transitional periods and called upon the public to exercise patience as the economy adjusts to the new currency system.

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