The Bank of Zimbabwe shared some important news last week. They want people to use their new money, ZiG, more often. Dr John Mushayavanhu, who runs the bank, talked about how well ZiG has worked since it started in April last year.
The bank has become stronger because it saved more gold. It used to have 1.5 tonnes of gold, but it increased to 2.7 tonnes. It also saved US dollars. All these savings add up to US$500 million. This helps ensure ZiG stays strong and stable.
Dr Mushayavanhu found a smart way to help businesses. Banks must keep some money safe with the central bank. He decided this saved money could be used to help companies make more products. This means companies can borrow money to grow bigger, but they cannot spend it on other things.
The bank made some new rules about foreign money. When people sell things to other countries, they must change some of their dollars into ZiG. If they want to wait before using this ZiG, they can keep their money safe in a special account.
The bank wants to make things easier for everyone. People will not pay any bank fees when they spend less than US$100, and small purchases under US$5 will be free when using bank cards. This makes it better for people to use cards instead of cash.
Every shop must have special machines that can take both ZiG and US dollars as payment. Banks will give these machines to shops. This helps keep money safe because people will not need to carry cash around. The bank stopped people from storing cash in special boxes at the bank because it wanted everyone to use proper bank accounts.
These changes will improve Zimbabwe's money system. More people will use ZiG, and more people will pay with cards instead of cash, making everything safer and easier for everyone.
The bank has become stronger because it saved more gold. It used to have 1.5 tonnes of gold, but it increased to 2.7 tonnes. It also saved US dollars. All these savings add up to US$500 million. This helps ensure ZiG stays strong and stable.
Dr Mushayavanhu found a smart way to help businesses. Banks must keep some money safe with the central bank. He decided this saved money could be used to help companies make more products. This means companies can borrow money to grow bigger, but they cannot spend it on other things.
The bank made some new rules about foreign money. When people sell things to other countries, they must change some of their dollars into ZiG. If they want to wait before using this ZiG, they can keep their money safe in a special account.
The bank wants to make things easier for everyone. People will not pay any bank fees when they spend less than US$100, and small purchases under US$5 will be free when using bank cards. This makes it better for people to use cards instead of cash.
Every shop must have special machines that can take both ZiG and US dollars as payment. Banks will give these machines to shops. This helps keep money safe because people will not need to carry cash around. The bank stopped people from storing cash in special boxes at the bank because it wanted everyone to use proper bank accounts.
These changes will improve Zimbabwe's money system. More people will use ZiG, and more people will pay with cards instead of cash, making everything safer and easier for everyone.
