Pixie DustThe Zimbabwe Electricity Transmission and Distribution Company (ZETDC) has announced that its prepaid electricity vending system is currently offline. This temporary downtime is essential to facilitate the transition from the existing Zimbabwean dollar (ZWL) to the newly introduced currency, ZiG. ZETDC issued a public notice, stating:
“We would like to advise our valued clients that the prepaid electricity vending system is temporarily down to allow for the transition from ZWL to the new currency (ZiG), following the announcement of the Monetary Policy Statement. We would like to appeal to our valued clients to bear with us during this transition period. We will update once we have restored normal service.”
The transition to ZiG aims to align the country’s financial system with the evolving economic landscape. As Zimbabwe adapts to this new currency, adjustments are occurring across various sectors, including banks and mobile money platforms. On Friday, 05 April 2024, Zimbabwean authorities announced the replacement of the Zimbabwe dollar with a new unit called the ZiG, backed by a basket of foreign currency and gold.
Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu, speaking at a press conference in Harare, emphasized that all Zimdollar prices in the shops must now convert to the new ZiG. Additionally, mobile operators, including money transfer services, have until Monday to transition their platforms to the new currency. All Zimdollar balances will convert to this new currency.
The ZiG is set to launch on April 8 at an introductory level of 13.56 per dollar, with a new interest rate set at 20%.
