As from today, Tuesday, April 30, Zimbabweans will start using new banknotes and coins after all the banks have collected the local currency from the central bank for distribution across the country.
The highest denomination of Zimbabwe Gold or ZiG made available by the Government is the 200 ZiG note worth about $15.
According to the authorities, citizens will be allowed to withdraw only ZiG 3,000 and companies ZiG 30,000 per week.
The local media also reported that there were currently no limits of cash withdrawals for parliament, courts and international organisations.
The introduction of the new currency by the Zimbabwean government early this month is the latest attempt to curb the soaring inflation in the country.
However, there are signs that the new currency had begun facing problems already.
A digital version of the currency has lost a quarter of its value against the US dollar in the black market.
This is Zimbabwe’s third currency in about a decade.
The new currency is backed by gold and foreign currency reserves to help maintain its value, according to the central bank.
