RBZ introduces ‘Swipe for ZiG’ facility at all Homelink branches

ZIMSPHERE

HARARE – In an effort to mitigate the liquidity challenges that have bedevilled the country since the introduction of the Zimbabwe Gold (ZiG) currency in April, the Reserve Bank of Zimbabwe (RBZ) has introduced an arrangement with Homelink whereby citizens will be able to swipe for ZiG cash with effect from Monday 10 June 2024. 

Swipe for change — The Reserve Bank of Zimbabwe has introduced a 'Swipe for ZiG' facility at all Homelink branches as a way of dealing with cash shortages that have been affecting consumers since the introduction of the currency in April [Image: Reuters] 

In a press statement released earlier this evening, RBZ Governor Dr. John Mushayavanhu reiterated the Central Bank’s commitment to ensuring sufficient local currency circulation in the economy so as to support normal business transactions and economic activity. 

The ZiG currency was introduced on 1 April 2024, with cash denominations ranging from ZiG1 to ZiG200. However, the rolling out of the currency has been happening at a snail’s pace – starting with the conversion of the electronic balances in April, while ZiG coins (1,2,5)and ZiG10 and ZiG20 notes have slowly been trickling into the economy since May. 

As a result, citizens have struggled to transact, especially in small transactions that fall under the equivalent of USD1. 

“The Bank appeals to all individuals, commuters, public transport operators, retailers, informal traders and their associstes, vendor associations, and other key stakeholders which interface wth th trandacting ounlic to approach their nearest Homelink branch and swipe for ZiG cash using their local currency debit/credit cards,” reads part of the statement. 

The Bank particulary seeks to expand the availability of small change in the form of ZiG1, ZiG2, ZiG5, and ZiG10. Citizens can also exchange their foreign currency cash for ZiG cash at the ruling interbank rate. 

This arrangement is part of a wide-ranging, drawn-out effort by the Bank to ensure availability of adequate ZiG cash in the economy, whilst at the same time preventing the deterioration of the newly-introduced currency in relation to the United States Dollar, which dominates transactions in the economy. 

The Bank also revealed that this initiative will be expanded to other bureau de changes. 

ZiG cash will be available at all Homelink branches nationwide from Monday 10 June

Homelink was founded in 2004 by the Reserve Bank of Zimbabwe with the vision of serving the diaspora market. Since then, Homelink has diversified into Property Development & Sales, Mortgage Lending, Money Transfers, Microfinance and Forex Trading; serving Zimbabweans locally and abroad.