Banks start changing accounts to ZiG

Bankers Association of Zimbabwe president Mr Lawrence Nyazema says banks have started reconfiguring all Zimbabwe dollar accounts to the new ZiG currency unveiled by the Reserve Bank of Zimbabwe on Friday.
He said most banks would complete the process by Monday.
“Remember, the old Zimbabwe dollar notes will be coming back as deposits as they are taken out of circulation,” said Mr Nyazema. “Banks have been working flat out since midnight (Friday) to reconfigure Zimbabwe dollar accounts and balances to ZiG.
“Some will maintain the same account numbers, whilst others will have to open new accounts in the new currency. We expect ZiG accounts to start coming on stream at different banks this weekend and we are all targeting to be up and running by Monday morning. Zimswitch will be switched on for banks as and when they convert to ZiG accounts.”
Zimswitch marketing manager Ms Sharon Marira said the platform would be back online once banks completed reconfiguring balances.
“It will largely depend on the banks’ readiness and configuration,” she said. “We have already sent notices to customers, informing them that the system is down. When the system has been restored, banks will inform the customers. This, however, will not be uniform as it will depend on banks.”
RBZ Monetary Policy Committee member Mr Persistence Gwanyanya said “the new currency will perform better compared to its predecessor because it is backed by physical (gold and cash) reserves”.
The introduction of ZiG is part of several policy measures meant to address exchange rate volatility, curtail inflation and restore macro-economic stability.
The new currency replaces the Zimbabwe dollar, whose value has been depreciating rapidly over the past few months.
The new currency will be backed by the quantity and value of precious minerals — mainly gold — as well as foreign currency reserves held by the RBZ.
As of Friday last week, the central bank had in its reserves US$100 million in foreign currency and 2,5 tonnes of gold valued at US$185 million. – Online