Old Zimbabwean dollar notes cease circulation

Old Zimbabwean dollar notes cease circulation

Old Zimbabwean dollar notes ceased circulating on Friday to introduce the new gold-backed Zimbabwe Gold (ZiG) currency.

Reserve Bank of Zimbabwe Governor John Mushayavanhu unveiled the new currency on April 5, giving the public 21 days to exchange their old, inflation-battered Zimbabwean dollar notes for the ZiG, Xinhua reported.

So far, most businesses have completed their configuration system to conduct business in ZiG, as more market players embrace and show confidence in the new currency.

African low-cost carrier Fastjet Zimbabwe was one of the first major companies to embrace the ZiG, announcing this week that customers can now pay for their flight tickets using the ZiG currency.

In another boost for the new currency, Zimbabwe’s national carrier, Air Zimbabwe, announced Friday that it is now accepting ZiG payments for ticket purchases.

The ZiG has been strengthening against the U.S. dollar since its launch, buttressed by firming gold prices.

Debuting at 13.56 per U.S. dollar on April 5, the ZiG has sustained its gains, closing at 13.42 per U.S. dollar by the end of Friday’s trading.