Zimbabwe has introduced new banknotes and coins, on Tuesday, and all banks have received the local currency from the Reserve Bank for nationwide distribution.
The Zimbabwe Gold or ZiG as it will be called was unveiled early last month as the country battled high levels of inflation. The highest denomination of the new currency, will be the 200 ZiG note, valued at approximately $15.
However, authorities have put a cap on withdrawals. Individuals will only be allowed to withdraw up to ZiG 3,000 per week, while companies can withdraw up to ZiG 30,000.
Reports suggest these limits do not apply to institutions such as parliament, courts, and international organisations.
This will be third time a new currency will be introduced in Zimbabwe within the past decade. A statement from the country’s apex Bank says the ZiG is backed by gold and foreign currency reserves, a measure aimed at sustaining its value.