Staff ReporterZimbabwe bid farewell to its old Zimbabwean dollar notes on Friday, marking the transition to the new gold-backed Zimbabwe Gold (ZiG) currency. The shift, orchestrated by Reserve Bank of Zimbabwe Governor John Mushayavanhu, came after he announced the new currency’s introduction on April 5, allowing the public 21 days to exchange their old notes for the ZiG.
The transition has been well-received, with most businesses successfully reconfiguring their systems to accommodate the new currency. This response signals a growing confidence in the ZiG, as key market players show their support.
Fastjet Zimbabwe, a leading African low-cost airline, became one of the first major companies to embrace the ZiG. The airline announced this week that passengers can now use the new currency to purchase flight tickets. Following suit, Zimbabwe’s national carrier, Air Zimbabwe, also announced that it would accept ZiG payments for ticket purchases, adding another endorsement for the fledgling currency.
The ZiG’s performance has been promising, buoyed by firming gold prices. Since its launch at a rate of 13.56 per U.S. dollar on April 5, the ZiG has continued to gain ground. By the end of Friday’s trading, the ZiG closed at 13.42 per U.S. dollar, signaling steady growth.
As the transition continues, Zimbabweans and businesses are adapting to the new currency, with many expressing optimism about its stability and the backing provided by gold. With the public embracing the ZiG and businesses showing readiness, the new currency could mark a significant step forward for Zimbabwe’s economy.
