The Reserve Bank of Zimbabwe (RBZ) has initiated the second phase of awareness campaigns for the newly introduced structured currency, Zimbabwe Gold (ZiG), aiming to disseminate information to every corner of the nation.
This campaign, a collaborative effort with the Ministry of Information, Publicity, and Broadcasting Services and the Parliament of Zimbabwe, underscores a concerted push to ensure comprehensive outreach.
RBZ Governor John Mushayavanhu, in a statement on Thursday, April 25, emphasized the significance of partnering with key governmental bodies to maximize the dissemination of crucial information.
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Mushayavanhu highlighted the expansive reach of the Ministry of Information, attributing its effectiveness to its nationwide media coverage, while also stressing the importance of Parliament’s role as representatives of the people.
He articulated, “If you go through the Members of Parliament, you will be able to reach all corners of the country… they can guide us and help us to spread this message. So we are embarking on this campaign starting immediately.”
The decision to intensify awareness efforts follows a realization that certain communities had been inadvertently excluded from previous outreach endeavors. Mushayavanhu acknowledged feedback from various regions expressing confusion and curiosity about ZiG and its implications compared to the former Real Time Gross Settlement (RTGS) system.
“As we were doing the rounds, the message that kept coming to us was ‘we were not going far enough’; we were not reaching all corners of the country,” Mushayavanhu remarked, elucidating the rationale behind the expanded campaign. “And arising from that, we felt it necessary that we embark on an extensive and intensive campaign to try and educate the public on this new structured currency.”
Teams deployed to districts and villages across Zimbabwe have been tasked with educating citizens on ZiG, which has replaced the Zimbabwe dollar as the country’s legal tender. Notably, ZiG will co-circulate alongside other foreign currencies, maintaining the multi-currency regime until 2030.
In a significant development, Mushayavanhu announced a revision in the planned denominations for ZiG. Initially intended as notes, denominations ranging from ZiG 1 to 5 will now be issued as coins, while ZiG 10, 20, 50, 100, and 200 denominations will be introduced as banknotes.
The RBZ’s proactive measures underscore a commitment to ensuring public understanding and acceptance of ZiG, as Zimbabwe navigates its currency landscape amidst broader economic reforms.
