Zimbabwe: The Reserve Bank of Zimbabwe (RBZ) has started distributing the new ZiG banknotes and coins to the commercial banks on Monday, April 29, 2024. The Zimbabwe Gold currency will be distributed with the public set to start withdrawing the cash from their accounts on Tuesday morning i.e. April 30, 2024.
Reportedly, the central bank has set a limit for the weekly cash withdrawal at ZiG 3,000 for individuals and the limit of ZiG 30,000 for corporates to manage the initial roll-out.
Furthermore, the new currency is backed by a combination of gold, precious minerals and foreign currency reserves which will begin circulating in the market on Tuesday. As for now, all ZiG banknotes and coins were produced locally.
An interview of the Governor – Dr. John Mushayavanhu of the Reserve Bank of Zimbabwe has been conducted in which he has confirmed that everything was in place, for the seamless distribution of the newly launched ZiG currency.
Dr. Mushayavanhu added that all banks have started collecting cash from the Reserve bank of Zimbabwe on Monday, April 29, 2024.
“Since then, we have communicated with them, with the inclusion of giving them a communique on the cash withdrawal limits,” said Governor of RBZ.
As per the statement by the Governor Dr. John Mushayavanhu, the Banks have already been advised on the maximum limits for withdrawal by individuals, corporates, schools and Government.
While giving directions to the local banks previously on April 10, 2024, the Financial Intelligence Unit (FIU) of the Reserve Bank of Zimbabwe has introduced the cash withdrawal limits.
According to the official directives, “In view of the introduction of the new structured currency, ZiG, through the Governor’s Monetary Policy Statement by Reserve Bank on April 5, 2024, the following ZiG cash withdrawal limits shall apply.”
- The limit of cash withdrawal for the Individuals is ZiG 3000
- For Corporates is ZiG 30,000
- Schools, Hospitals, Clinics and local authorities can withdrawal the money on the monthly basis upto the limitation of ZiG 250,000
- Whereas, Government ministries and departments limit has been set upto ZiG 300,000, monthly
Notably, as per the directives issued, there will be no restrictions or limitations on cash withdrawals by Parliament, courts and international organisations.
