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Mushayavanhu introduces structured currency
The RBZ governor said the starting rate of the new currency that will be backed by gold.
THE new Reserve Bank Governor (RBZ) Dr John Mushayavanhu has introduced a new currency called ZiG during his maiden monetary policy statement.
The RBZ governor said the starting rate of the new currency that will be backed by gold and other foreign currencies will be 1:13.
Dr Mushayavanhu instructed all banks to convert all RTGs accounts to ZiG accounts with immediate effect.
He also announced the abandonment of the auction system.