23 questions and answers on Zimbabwe’s new currency

The Reserve Bank of Zimbabwe has published 23 questions and answers about its newly introduced currency, the Zimbabwe Gold (ZiG), in an effort to educate the public before releasing notes and coins at the end of this month.

ZiG is facing a lot of scepticism as its predecessors have all been trashed with the Zimbabwe dollar falling from just over 6 000 to the United States dollar at the beginning of January to more than 30 000 by 5 April when the new currency was introduced.

Although Zimbabwe says it will maintain the multiple currency system for the next six years, the United States is now dominating the market.

The government will therefore have to introduce measures to ensure that it increases demand for the local currency.

So far the only measure announced is corporate tax where companies have to pay half their taxes in the local currency.

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