Withdrawal limits as Zimbabwe releases new currency

Zimbabweans will start using new banknotes and coins on Tuesday after all banks collected the local currency from the central bank for distribution across the country.

The highest denomination of Zimbabwe Gold or ZiG available is the 200 ZiG note worth about $15.

Individuals will be allowed to withdraw only ZiG 3,000 and companies ZiG 30,000 per week, authorities said.

There are no limits of cash withdrawals for parliament, courts and international organisations, local media reported.

The introduction of the currency early this month is the latest attempt to control soaring inflation in the country.

But there are signs the currency is already facing problems.

A digital version has lost a quarter of its value against the US dollar on the black market.

It is Zimbabwe's third currency in a decade.

The ZiG is backed by gold and foreign currency reserves to help maintain its value, the central bank said.

This article and image originally appeared on BBC News