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Version 24 | Version 25 |
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Africa Live: Kenya cabinet meets as flood death toll nears 170 - BBC News | |
(32 minutes later) | |
Shingai Nyoka | |
BBC News, Harare | |
Zimbabweans will start using new banknotes and coins on Tuesday after all banks collected the local currency from the central bank for distribution across the country. | |
The highest denomination of Zimbabwe Gold or ZiG available is the 200 ZiG note worth about $15. | |
Individuals will be allowed to withdraw only ZiG 3,000 and companies ZiG 30,000 per week, authorities said. | |
There are no limits of cash withdrawals for parliament, courts and international organisations, local media reported. | |
The introduction of the currency early this month is the latest attempt to control soaring inflation in the country. | |
But there are signs the currency is already facing problems. | |
A digital version has lost a quarter of its value against the US dollar on the black market. | |
It is Zimbabwe's third currency in a decade. | |
The ZiG is backed by gold and foreign currency reserves to help maintain its value, the central bank said. | |
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