Staff Reporter
Acting President Constantino Chiwenga has called on Zimbabweans to embrace the Zimbabwe Gold (ZiG) currency, assuring the nation that the Government is closely monitoring financial markets to strengthen the local currency and address gaps that facilitate arbitrage activities.
Speaking at the burial of the late national hero Brigadier General (Rtd) Shadreck Ndabambi yesterday, Acting President Chiwenga emphasised the importance of national sovereignty over the country’s currency.
“No nation will develop without sovereign control, defence, and growth of its own national currency. Our Government introduced the Zimbabwe Gold as our new sovereign currency. It is our responsibility as a nation to embrace and protect the new currency as a bedrock and anchor of our economic development,” said acting President Chiwenga.
The acting President assured the public that Government was actively working on measures to promote the wider use of the local currency , while eliminating opportunities for currency manipulation.
“Let me assure you that Government is working to promote the wider use of our local currency and is putting in place measures that will eliminate gaps that are creating arbitrage opportunities in the exchange market. Government will continue to monitor the operations of our financial markets and promote efforts to grow and stabilise our national currency,” he said.
The introduction of the ZiG currency has been a pivotal step in Zimbabwe’s economic strategy, aimed at restoring confidence in the local currency and reducing reliance on foreign currencies.
However, Government faces the challenge of curbing arbitrage activities that exploit the differences between official and parallel market rates.
Economic analyst Joseph Mavhunga commended acting President Chiwenga’s remarks, urging citizens to support the ZiG currency as a critical element of national economic sovereignty.
“Embracing the ZiG currency is a patriotic duty for all Zimbabweans. It is a bold move towards reclaiming our economic independence and reducing external influences on our financial system,” Mavhunga said.
Another financial expert, Mercy Nyamukapa, highlighted the need for strict enforcement against currency manipulators who undermine the ZiG’s stability.
“Authorities must descend heavily on those manipulating our currency. If the ZiG is to succeed, Government needs to be firm and swift in addressing any form of financial malpractice,” Nyamukapa emphasised.
Market commentator Tendai Munetsi echoed these sentiments, stressing that public confidence in the ZiG currency is crucial for its success.
“For the ZiG to be the anchor of our economic development, it requires not only robust policies from the Government but also the active participation and trust of the citizens. This is a collective journey, and embracing our sovereign currency is key to sustainable growth,” Munetsi noted.
Government’s ongoing efforts to stabilise the local currency includes monitoring financial markets and implementing measures to close gaps exploited for arbitrage.
As Zimbabwe navigates through this critical phase, the support of the nation and decisive actions against currency manipulators will be essential in solidifying the ZiG’s role in the economy.
