Schools have been instructed to accept the recently introduced local currency, Zimbabwe Gold (ZiG), as a form of payment for school fees alongside other currencies and to refrain from exclusively demanding fees in foreign currency.
ZiG is gaining market acceptance due to its performance in foreign currency exchange markets. The public is beginning to enjoy using this new currency following a smooth transition from the Zimbabwe Dollar to Zimbabwe Gold (ZiG).
The stability of ZiG (US$1: ZiG 13.6689 as of May 7, 2024) in the market has instilled confidence in the currency. A quick survey by the Positive Eye News team revealed that some schools have heeded the Ministry’s directive and complied.
Our news team visited a ZB bank branch to deposit funds for their children’s school fees. The school has advised parents to pay 50% of the fees in ZiG and the remainder in USD.
Several parents in the school fees queue informed the news crew that their schools have sent invoices offering the option to pay in ZiG.
The government struck the right code by transitioning from the inflation ravaged Zimbabwe Dollar to the structured gold backed ZiG.
Businesses and the populace have accepted the new currency and transactions in the new currency are increasing each week.
