Staff Reporter
Zimbabweans have been urged to rally behind the newly launched local currency, the Zimbabwe Gold (ZiG), as the nation seeks to combat persistent inflation and stabilize its economy.
The introduction of ZiG, a currency backed by the country's gold reserves, has been described as a strategic move to address economic challenges and restore financial stability.
Prominent political commentator Professor Jonathan Moyo has voiced strong support for the ZiG on his X (formerly Twitter) page, underlining its potential to resolve Zimbabwe's currency woes.
"The Monetary Policy Statement (MPS) is based on the correct policy assumptions and the correct factual background analysis, and the ZiG, as a structured gold-backed currency, is indeed the correct financial remedy with the best chance of getting Zimbabwe out of the quagmire of the currency trap that it put itself in 2009 when it ill-advisedly dollarized its economy under the guise of adopting a multi-currency system,” said Professor Moyo.
Highlighting the significance of embracing the ZiG, Professor Moyo addressed the scepticism surrounding the new currency, emphasising its potential to break the nation's 15-year-old currency jinx.
Moyo encouraged Zimbabweans to support the ZiG, cautioning against the influence of uninformed critics.
In another endorsement of the ZiG, Prophet Obey Tichafa Mukanhairi of Christ Redemption Ministries also implored Zimbabweans to adopt the new currency with optimism.
"Embrace the new currency; you are the confidence," he declared, indicating that the success of ZiG hinges on the collective belief and support of the Zimbabwean people.
Economist Getrude Nyamande said that the launch of the ZiG represents a bold step towards economic recovery, and she also advocated for its adoption.
Last week, the Governor of the Reserve Bank of Zimbabwe (RBZ), Dr John Mushayavanhu, outlined the monetary policy framework designed to support the integration of ZiG into the economy.
In his presentation, Dr Mushayavanhu detailed measures aimed at minimising liquidity shocks and enhancing the demand for the new currency.
Notably, these measures include a mandate for companies to fulfil at least 50 percent of their tax obligations in ZiG during Quarterly Payment Dates (QPDs), thereby reinforcing the currency's utility and circulation.
