The Future of ZiG: RBZ Quells Concerns Over Legal Status

Zim introduces another new currency, theZiG

The Reserve Bank of Zimbabwe (RBZ) has issued a public notice to clarify the legal status of the Zimbabwe Gold (ZiG) currency, addressing concerns raised by prominent lawyer Thabani Mpofu, Mining Zimbabwe reports.

By Rudairo Mapuranga

Mpofu had claimed that the ZiG currency had ceased to be legal tender following the expiration of the statutory instrument that introduced it. However, the RBZ maintains that the ZiG remains a valid form of currency.

In a statement, the RBZ emphasized that the lapse of the Presidential Powers (Temporary Measures) that established the currency does not create a legal gap.

The central bank asserts that currency reform measures, once implemented, do not automatically expire and require a specific legal instrument to be revoked.

According to the RBZ, the recent Finance Act, which was gazetted into law, aims to consolidate the legal framework for the ZiG currency.

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The RBZ clarified that the Act does not merely validate the previous statutory instrument but instead reinforces the continued validity of the ZiG.

The central bank affirmed its commitment to strengthening the use and stability of the ZiG currency, reassuring the public that it remains legal tender in Zimbabwe.

Mining Zimbabwe advises the public to stay updated on official announcements from the Reserve Bank of Zimbabwe and other relevant authorities, as the situation continues to evolve.

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