Finance

Zimbabwe’s Banking Services Disrupted Ahead of ZiG Launch

Governor told banks to convert local dollar balances to ZiG
Other economic sectors have until April 12 to finalize changes

WATCH: Zimbabwe, in its latest bid to end the serial slide of the local dollar, has replaced it with a new unit called the ZiG backed by a basket of foreign currency and gold. Ondiro Oganga reports.Source: Bloomberg

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By Ray Ndlovu and Godfrey Marawanyika

April 6, 2024 at 10:23 AM UTC

Updated on

April 6, 2024 at 8:52 PM UTC

This article is for subscribers only.

Banking was disrupted across Zimbabwe as lenders rushed to convert all Zimbabwe dollar account balances to ZiG, announced by Reserve Bank Governor John Mushayavanhu as the new legal tender.

The ZiG, short for Zimbabwe gold, will be launched on Monday and is backed by a basket of foreign currency and gold — the latest attempt to staunch a slide in the nation’s currency.