Zimbabwe central bank says there is enough ZiG to meet current and future demand

Zimbabwe’s central bank says there is enough ZiG, the country’s local currency, to meet current and future demand.

In a statement yesterday to allay concerns about the availability of the local currency, the central bank says usage of the ZiG, which stands for Zimbabwe Gold, has improved significantly since its launch in April last year.

Payments in the local currency increased from ZiG7.86 billion in April last year to ZiG56.8 billion as of 30 May this year.

Total ZiG deposits were 16 billion as at 12 June with ZiG207 million in cash.

The central bank says some banks are already dispensing ZiG at their ATMs.

The ZiG has been under pressure because of the dominant use of the United States dollar but Zimbabwe says it will not ditch its own currency and will phase out the multi-currency regime by 2030.

Even the International Monetary Fund is reported to be in favour of the use of the local currency.

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