Zimbabwe's digital money system shows people really trust their new currency called ZiG these days. Almost half of all payments happen with ZiG instead of other money. The number jumped from just 26 percent when it started to 43 percent recently. Reserve Bank Governor John Mushayavanhu says people feel more confident about keeping ZiG money for longer periods. Economic stability makes citizens want to use ZiG for buying things and saving cash.
The central bank stores real gold to back up every ZiG note and coin. President Mnangagwa visited the bank vaults and saw 3,400 kilograms of shiny gold bars. Last year the bank only had 1,500 kilograms of gold sitting there. Officials want to collect 5,000 kilograms of gold before this year ends. More gold makes people trust the money system even more.
Some folks worry about finding actual ZiG bills and coins when they need them. The Reserve Bank tells all commercial banks to put more cash into their machines and counters. Bank workers are fixing their computer systems to let customers withdraw ZiG from ATMs easier. Rural areas and small towns will get better access to physical money.
Governor Mushayavanhu promises that printing more ZiG notes will not make prices go up around the country. Banks already hold electronic ZiG balances at the central bank. People will swap their digital money for paper bills and metal coins. Small purchases need physical cash but large payments will stay electronic.
The central bank stores real gold to back up every ZiG note and coin. President Mnangagwa visited the bank vaults and saw 3,400 kilograms of shiny gold bars. Last year the bank only had 1,500 kilograms of gold sitting there. Officials want to collect 5,000 kilograms of gold before this year ends. More gold makes people trust the money system even more.
Some folks worry about finding actual ZiG bills and coins when they need them. The Reserve Bank tells all commercial banks to put more cash into their machines and counters. Bank workers are fixing their computer systems to let customers withdraw ZiG from ATMs easier. Rural areas and small towns will get better access to physical money.
Governor Mushayavanhu promises that printing more ZiG notes will not make prices go up around the country. Banks already hold electronic ZiG balances at the central bank. People will swap their digital money for paper bills and metal coins. Small purchases need physical cash but large payments will stay electronic.
