Mthuli Ncube ropes in War Vets to defend ZiG currency

Business Reporter

FINANCE Minister Prof Mthuli Ncube has moved swiftly to rope in War Veterans in his last ditch bid to defend the newly introduced ZiG currency .

On April 5, the Reserve Bank of Zimbabwe introduced a new “structured currency” ZiG to tackle the ongoing economic crisis in the country. The new currency is backed by gold, and other precious minerals, and will circulate alongside other foreign currencies.

The ZiG currency is currently trading at a rate of 13:56 against US$1,00 and is also enjoying a stable exchange rate with less volatility so far.

However, confusion has rocked the new currency’s initiation following the move by authorities to unleash a series of unsubstantiated claims on the new unit.
For instance,despite assurances that the new currency will be readily available from April 30 2024 onwards , the transacting public is still rocked by acute change shortages and scarcity of the new ZiG at large.

The Reserve Bank of Zimbabwe (RBZ) governor,Doctor John Mushayavanhu has also been at the forefront of issuing conflicting statements, for instance, when he presented his first Monetary Policy Statement (MPS) he ordered that the old ZWL notes should cease circulating by April 30.

He however rescinded on the position later during a radio interview with Star FM .
Market watchers have also criticised authorities for the current crack down on illegal foreign currency dealers warning that such actions will instil fear and send the wrong message in the markets.

As if not enough, Prof Ncube has pulled another shocker ,following the appeal War Veterans to supprt the new currency in his weekend address in Entumbane Bulawayo on Sunday this week.
“War veterans should assist in the fight against those who are sabotaging the ZiG. You are the ones who fought during the liberation struggle; you must fight for the ZiG so that it can have a value that is dependable,” he said.

The Treasury boss said the illegal money changers should be dealt with stressing out that the intention for the country was to end up having a sound currency and do away with the multi-currency system.

“There is no country that has succeeded without its own money.The government has taken an initiative to reduce interest rates to 20% per year from 130% to make it easy for people who want to borrow in ZiG.

“It’s now lower and it’s much easier to repay. We do not have any bank charges on deposits, our currency should remain there. As we gather here to honour your legacy, it is incumbent upon us to ensure that your sacrifices are never forgotten,” he said.

Ncube called for the preservation and protection of the memory of the liberation struggle, passing it on to future generations as a reminder of the price of freedom.

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