Zimbabwe Launches New Gold-Backed Currency: Will it Work? | Vantage with Palki Sharma
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- Опубликовано: 8 апр 2024
- Zimbabwe Launches New Gold-Backed Currency: Will it Work? | Vantage with Palki Sharma
Zimbabwe's central bank launched a new "structured currency" backed by gold. This comes as it seeks to tackle sky-high inflation and stabilise the country's long-floundering economy. The ZiG - short for Zimbabwe Gold - will replace the Zimbabwean dollar which has tumbled in value over the past year, pushing inflation through the roof. Zimbabweans have 21 days to convert their old cash into new money. But analysts have questioned the move. They ask whether the country has enough reserves to adequately back the currency, There are also doubts over volatility of gold prices. So will this new currency work? Palki Sharma tells you.
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Zimbabwe | New Currency | Gold-Backed Money | Zimbabwe Dollar | Economy | Firstpost | World News | Vantage | Palki Sharma
#zimbabwe #newcurrency #goldbackedmoney #zimbabwedollar #economy #firstpost #vantageonfirstpost #palkisharma #worldnews
Vantage is a ground-breaking news, opinions, and current affairs show from Firstpost. Catering to a global audience, Vantage covers the biggest news stories from a 360-degree perspective, giving viewers a chance to assess the impact of world events through a uniquely Indian lens.
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Congratulations, Zimbabwe! You are a rich country, full of good people. It is time for you to shine.
The corruption is too much it won't work trust me.
There is no confidence in those running the finances of the country. It's as simple as that. There isn't a troll or tokoloshi actively sabotaging with a mean expression on its face just out to somehow destroy all the currencies they try. Currencies are all about confidence and trust. Major trust deficit. Also a pathetic two tonnes of gold that hasn't been externally audited. Why? They could have said backed by a hundred tonnes. No difference just words. Talk, talk, talk. Useless talk.
😂😂😂😂
Even more full of emotional, uneducated, lazy, tribalistic and corrupt hacks.
Bruh , this is jokes man🤣
Be careful Zimbabwe the USA does not like gold backed currency
US has the most gold reserves country in the world wtf u sayin
@@ainz1325 but it is not backed by gold
We do not care . We won't be US state number 68
@@ainz1325 You mean the one they have been mining in Zimbabwe, South Africa and Ghana and other countries?
Remember what happened to Gaddafi after he created a gold backed currency
Time for Zimbabwe to shine. The hardworking and talented people of Zimbabwe deserve it. Love and good wishes from India
🤣🤣🤣🤣🤣🤣🤣🤣 jokes
Thank you
Imagine being given fully functioning farms for free only to turn it into a desert in 6 months 😂😂😂 hardworking is such a devalued word (pun intended)
@@burgersandburnouts nah. it is quite easy to understand. The USD is backed by oil. That's why the number of cars in 1970 were only 200 million and now 1.4 billion. Thus Gold should work like that way and in the same time reducing the need for oil.
That's why the USA has put intensive for car makers not to buy EV and keeps ICE cars.
Like EVERY other country that the west is involved in, until TRUE independence from the leeches of the planet over the past 4000 years or so are dependent on their OWN instead of aggregating its life form from a piece of every other culture
It worked. For the first time in my 40 years living in South Africa, Zimbabwe our neighbour has a currency (the Zig) stronger than ours (the Rand). Well done neighbours, all the best
Amen... Africa 🌍 Power. Hallelujah
You cannot make that claim on the basis of a few days. The currency may work so long as there is gold there and they don't start printing the currency as the solution to every problem. They will also have to check the gold reserves regularly because Zimbabwe wouldn't be the first African country to have claimed to have utilised gold in trade when non existed (Goldenberg Scandal - Kenya).
@@frankyyaggabot6222after the aljazeraa documentary . This country is doomed.
@@frankyyaggabot6222 That's a simple answer. It's not a claim it's a decree. Zimbabwe will look like Dubai but built on solid foundation not sand. Continue 🤣 and the Zimbabwean people will rejoicesnd prosper. The COLONIZERS will cry in shambles.
@@RichardCollins-kn4tx Well I guess the 1/3 of Zimbabweans that live outside of Zimbabwe will return then?
Zimbabwe don't need blessings they actually need a good person who have knowledge of economy
It's not true that Zimbabwe is the first country in the 21st century to do gold standard.
Ghana's currency is backed by gold and the government is buying more tons of gold to back their currency. It's the 4th strongest currency in Africa.
I disagree... Ghana currency is the Fourth most valuable in African Continent.
It's dangerous to be too intelligent in Zimbabwe
How does this woman know how much gold Zimbabwe as got??
No, Zimbabwe needs the West to stop sanctioning it.
Stop the BS.
This will work. May All Be In Pure Alignment For Zimbabwe 🇿🇼
Another stupid quest by a feeble ,corrupt government.
Bitcoin would have been a better choice, but this is a good moves. The US Dollar was peg to gold until Nixon unpegged it to finance the Vietnam war to enrich the armaments industry.
😂
LMFAO
in short term yes... in a medium term, they will be toasted if they didn't fixed domestic production of consumer goods and finding sustainable energy partners that wanted to invest in them...
All you have to do is trust the Zimbabwean government to keep enough gold in reserve 😂. Best of luck.
Way to go Zimbabwe 👏👏👏
Much love from India 🇮🇳
Thank you india
I hope we get Zimbabwe cricket in international cricket
@@solo.108 but don't they already have a international cricket team for both men and women?
Are you realizing that you are actually saying 'way to go Mafia Vietnam have just sentenced a Woman to death for finance plunder! Read ALJAZEERA GOLD MAFIA episodes and realise what you stand for!
It won't work.how much gold reserve do they got?
Well done Zimbabwe Great move wishing you all the Best
I wasn't financial free until my 40’s and I’m still in my 40’s, bought my third house already, earn on a monthly through passive income, and got 4 out of 5 goals, just hope it encourages someone's that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made.
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It is a wise idea. Unlike in Nigeria where the leaders seem to be confused. You have to keep trying new things till the desired result is obtained.
I think it will work very well, Zimbabwe leaders already studied it. Without doing it you can't get the results and I guess more countries will follow soon. Even though Gold has no stable price but it keeps its value high...Go Zimbabwe. Trust your leaders and financial professionals..Challenges are there for people of Zimbabwe but you gonna pass them all.
Do you know what's happening right now in Zimbabwe? The very government which introduced that currency refuses to accept it as a legal tender for payments in it's own offices - passports only in US$, the ministry of foreign affairs only in US$, registra general (birth certificates, ID cards, Only US$,!! These are departments are I know 100% that they are not accepting the new currency. Banks as well. We will see who else. So how do you expect that currency to succeed?
Congratulation to Zimbabwe !
We hope India will follow and print the currency with gold❤
Why is she lying because Zimbabwe has only 2 currencies the Rand and the USD and no other currencies. She says Zim has no gold but you see gold everywhere in Zimbabwe
@@mthimkhulu30Then why is it so poor? Gold is hard to mine.
Go Zimbabwe!! This is a very smart move in my opinion. This is how the whole world operated before the federal reserve.. Precious metals like Gold will never lose their value and I would think has a much better protection against inflation... I hope it works and think it will!
Its not gold backed because you can't convert the ZiG to gold. When a currency is backed by gold it needs to be convertable to gold.
Go back to school and study economics it's gold backed because each paper is equivalent to curtain gold so if you buy a car in Japan the reserve bank will issue a bond if they don't want it they just send gold instead @@geniusnoble842
@@geniusnoble842 No, it doesn't. It just means that the supply is limited by the amount of gold on hand. If you want to print more money, you have to go mine more gold.
@@geniusnoble842Don't be a lier and spread silly lies, you can convert the ZIG to gold.
@@geniusnoble842Don't be a lier and spread silly lies, you can convert the ZIG to gold.
I am so happy for Zimbabwe! Praying for all the best for my brothers and sisters in humanity ❤️
It will work for Zimbabwe. Love from 🇳🇬
Keep up Zimbabwe.
Zimbabwe has way too much gold. They just need to mine it.
Where is the gold? Zimbabwe doesnt have gold enough for that much currency. Tinozviziva izvo isu ma Zimbabwean. Nothing new for us.
@@Olcool Gold ririmo zvaro boss, it just being externalized without accounting for it pakupedzisira hatina chatinowana sema ordinary citizens
@@Olcool13 million tonnes of gold in the ground buddy. Why USA always tries to destroy Zimbabwe
@@OlcoolExactly all these ignoramuses just commenting on wishfulness. God cannot be mocked, you reap what you sow.
@@SeanBeatsMapsonLoad of rubbish. Do you think gold just bubbles out the ground? South Africa has at least ten times more gold than Zimbabwe.
Zimbabwe full of gold and diamond .
Thank You Palki Sharma for always taking about what is happening in Africa. Best journalist
It will work gold is the real money
No external audit has been done and it's only two tonnes at maximum. Also just talk, talk talk. Do you simply just believe whatever they say when they have terrible economic history of corruption and a massive trust deficit?
It’s a rock
Having a rock is better than having something of value you can't see
@@Greenby-vq4wo they are both of zero value
The only real currency are people
Congratulations to Zimbabwe currency
Congratulations Zimbabwe 🇿🇼 sending love from uganda 🇺🇬
Big up Zimbabwe. All African countries have to follow the suit
Love u my Zimbabwe people,🇨🇲
It's Cameron Flag
😂🤣😂
We love you too darling ❤❤❤
This will be a good idea if Zimbabwe has a lot of gold reserves. South Africa has a lot of gold and Zimbabwe is a neighbor so it must have a lot of gold otherwise, it would be based on its currency gold.
There is 13 million tonnes gold reserves in the Zimbabwe. Alm it needs is mining it
@Morelife22 nonsense!
You will be shocked on the amount of gold reserves in Zim as long as they don't get the EU and US crooks in there... They will be an economic power to recon with in Africa.
@@sylvesterekpenyong4555 dream on! Dreams don't make wealth. Righteousness, hard work, humility and good planning make wealth.
@@sylvesterekpenyong4555 If there really is so much gold in Zimbabwe then why are the people so poor? Simple question for you. There are no trade sanctions either. The small amount of gold produced in Zimbabwe goes mostly to the LBMA in London. Again, why the poverty?
The Gold in Zimbabwe is shining.
Well done Zimbabwe 🇿🇼 God bless you .
I will be forever grateful to you, you changed my whole life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Charity Jade.
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Well done Zimbabwe. Keep working hard
What are you guys going to go get your old Zimbabwe bucks? I got a feeling his gold standard is going to wreck your chance of being as a “Zimbabwe billionaire.”!😂 best of luck from America. Good move.
Waooo congratulations dear brothers n sisters from Zimbabwe it's time now to shine🔥🔥🔥👏👏👏👏
Thank you Pulki. U are even a better Economist than most Central Bank Governors.
Thank you Palky for noticing our beloved country
Congratulations Zimbabwe
Zimbabwe has enough gold to stabilize their currency.
Go watch aljezera documentary about the gold mafia😂😂
@@Sataka23clips
I watched it but it does not in any way change the fact that Zimbabwe has enough gold to use as a standard for her currency.
@@manasseskamau5327Integrity is the best gold. Without integrity and honesty you have absolutely nothing.
Congrats Zimbabwe
we'll just have to wait and see
Vantage markets well done
It will work ❤ 🇿🇼
Amen I believe it, if Nigeria can wake up and get rid of their elderly confused leaders, things can get better
Good job. Happy for you people of Zimbabwe
Great idea, I hope this assists Zimbabwe recover from in financial woe’s.
Maybe going back to "trade by barter" could be a better option.
Best wishes to you Zimbabwe
Congratulations 🎉 Zimbabwe 🇿🇼
Congratulations 🎊🎈 Zimbabwe 🇿🇼
I want to be optimistic but a more stable currency doesn’t necessarily mean greater economic productivity or better governance.
Kenyan here
Zigi is a slang term associated with weed. Each time she says that I can’t think of anything but😂😂😂
Golden Zig 🪴
Faya bun dem all
Sounds about right. Hallucinations based on words.
Sounds about right. Hallucinations based on mere words.
Go Zimbabwe and forward, Africas!!!
Brave move. Being the first may attract criticism, but gold is natural money. So the sooner other gold producers adopt this approach the better it will be. But we know that the masters of mankind will do all they can tho subotage that move. ❤
Good news, congratulations.
Great for the Zimbabwe people.
I'm not sure this woman was the one to discuss this topic.
She seems ignorant of the geopolitical factors affecting Zimbabwe.
Thank you Zim. Forget those who know all. Just make sure you look for honest mining companies and ensure contracts that benefit your country at your country's terms. Do not allow yourselves to lose focus due to a lot of challenges that you have presently. It is the wealth that surrounds you that cause all the storms. If you look away pasop!
Your reporting never changes,no mention of external involvement factoring into the destabilization of the Zimbabwe economy .
Exactly. She sounds like a spokeswoman for imperialists.
The only problem in Africa is Africans themselves.
It amazed me how one country can cause so much havoc and suffering for others for no apparent reason. This needs to stop
I am asking myself the same question
Zim was married to Britain then divorced late 80s the war can't stop because Britain is so jealousy can't let Zim go free so it create all problems and challenges for such a small county because, Zimbabwe is very rich in minenals google the great dike of Zimbabwe that is what the war is about and good farming Land, when you see big countries pursuing such a small Nation know that it's rich.
@@dsstudios5425 The only problem in Africa is Africans themselves.
It will work provided they have gold reserves. They can shore up gold reserves by rising productivity. Wish good luck to Zimbabwe
As a Nigerian I am SO PROUD of Zimbabwe 🇿🇼. I really hope this works and they set an example for the rest of Africa
It will fail unless they turn to righteousness. Waaaaaaaay too much corruption as usual. No external audit of the gold. Too little. Useless.
From NIGERIA🇳🇬 WISHING ZIMBABWE 🇿🇼 THE BEST
I hope; that: it will!!!!
As we reflect on Zimbabwe's many currency failures, can we talk about the decades of crippling US-led sanctions on that country?
What? Zimbabwe still has full trade with all Western countries. I just saw blue berries grown in Zimbabwe in a London store. What weak sanctions if any actually exist.
Congratulations Zimbabwe 🇿🇼🇿🇦
Munangagwa huchi ❤🎉
Good luck with this Zimbabwe..it's a sensible move imo..not sure the printers in the rest of the world will keep up.😂
this wasn't really necessary just just shut the money printing machines and the watch the currency appreciate in value. It's simple Economics....scarcity increases value......
They will probably turn on the money printer without having the required quantity of gold.
This is music to my ears. 🎉🎉 Rise Africa, rise!🎉🎉🎉
It will work.✨
Thank you for updating us
Maybe this is most interesting moment in the history of modern money , maybe it can be the starting of gold backed currency just maybe
Pegging currencies to a fiat currency (United States Dollar) removes the necessity to have as much goal as possible to become a wealthy county. Or has Africa already forgotten the reason the colonist came in the first place. Only a few countries have enough gold or gold mines to survive a switch to gold, which is why those that do would be in fear of colonialism if they aren't strong enough.
This is about Zimbabwe, not "Africa".
@obinnaezealah2465 either or my comment stands, right? Use your brain to think harder next time.
stupid comments.
in one hand u admit usa dollar is a fiat currency yet u r Criticizing that very few countries have gold reserves,
so u r contradicting urself
idf gold currency is nit follow ed. then accept the US DOLLARS @@taylormattlock5433
@@taylormattlock5433 You're the one that needs to use your brain.
It might be the case that a country has easier access, i.e., supply, to gold than to a stable foreign currency to maintain the value pegged. I do wonder how Zimbabwe will get the gold to do this… as an alternative I would guess China might have had an interest in providing shiploads of yuan to sustain the peg (probably at the cost of the gold still to be extracted)
May the Lord bless Zim, way forward ❤
Focus of farmers and crops bot money. Kasi may tendency pag di kaya nang oras ayusin ang karagatan for your trading stop trade okay. Food. Yan lang
I Support Zimbabwe and it's Resolve.
Maybe ZAR is teh way to go
Zimbabwe keep trying, if it doesn't work they try something else. Now that's intelligence.🎉❤
Your analytical skills give me goosebumps ❤
Zimbabwean need to make gold also legal tender
Nah it better to keep it pegged to gold and store gold in reserves and exchanges
Corruption !
God Bless you and come out from the mess. Wish your people get what they are entitled to based on the natural resources your country has.
This will work. Big up Zimbabwe
Zimbabwe is just begging for "Democracy"
😂😂😂😂
😂😂😂
😂😂😂
Like the Democracy that went running out of Afghanistan with its tails between its legs and leaving behind 8 billion dollars of equipment?
Too many Americans live in a past where their military could do whatever it wanted.
ZiG. I like the name. "You owe me 10 ZiGs." 😅
I’ll collect my 10 zig bro
Gold Backed current is all better than any other form of currency or crypto... this will be game changer for Zimbabwe .. God Bless you.. Love n support from Bharat.
Zimbabwe Did the Great work. Congratulations From Srilanka 🇱🇰
It will simply repeat the history of Chinese gold yuan in 1948.
What happened, pls inform me?
Tell us, I don't believe a gold standard will help but what exactly happened in China ?.
@@anthonyyawtwumasimensah197 From August 1948 to 1949, the Chinese government issued gold yuan to collect gold from citizens. After taking gold from people, the government kept printing more and more of this supposedly "gold-backed" currency. At the end, the gold yuan become worthless. No one can print gold, but any corrupt government can print as much "gold-backed" currency as they like.
One day too, Nigeria will work!
I commend their effort to sound currency. I wish them the best and perhaps all countries should follow suite
Sure it will work. Gold is gold.
Show the Gold.
Inside the politicians foreign accounts😂😂😂😂😂
Exactly! A history of currency mess ups means Zimbabwe has a massive trust deficit. Where is the external auditor for this so-called gold? An internationally-accepted auditor is needed. If a team from PWC or similar came from Johannesburg with approved assayers, that would certainly help. Also, Zim used to have five tonnes of gold from independence, which gave stability to the currency but it was all sold in the 2000's. How is the currency gold backed if a person can't redeem the zig for actual gold? It appears to be just talk.
Why does it pain you so much that a country is minding it's own business? You have been making so many negative statements as if this issue shoved a bee up your backside. Mind your own business. I doubt that you even know Zimbabwe that well. I for one am a Zimbabwean and I'm feeling positive about what's happening.
@@user-uz3jm9yy9z congratulations, good for you.
@@user-uz3jm9yy9z The track record is not great my friend... Six iterations or currency resets within twenty years is unbelievable. It may represent the greatest sustained economic destruction in human history, and I'm being serious. You cannot expect people to gain faith overnight. It will need five to ten years of sustained currency stability for people to say, okay now this could be a credible situation. Also, not every single little hiccup can be blamed on the West. In fact the irony is that right now the West is the single biggest block for both diaspora economic refuge and remittances which are helping to keep relatives alive back in Zim. It's a sad reality. I'm hopeful it will change but it needs the right political will. Let's pray.
Did I hear Gold?--I may need to look into this.
CONGRATULION ZIMBABWE .❤
GOOD DAYS COMMING .
Let it be, join the hands together all the best wishes.🎉
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is it going to be ZiG ZaG???😂😂😂
😂😂😂😂
Keep working Zimbabwe. We support you.
Smartest move by Zimbabwe 🇿🇼
CongRatulations Zimbabwe
Hi Palki, I understand that South Africa, like in pre coup Johannesburg and a gold mining town, had a gold backed financial system and banking. Don't know what happened to it..maybe it moved?
As a South African, i want to see my Zimbabwean brothers win. Africa as a whole should win because we have the resources, its about being smart enough to do something about that.
good on Zimbabwe for going back to gold. I suspect that they won't be seeing the rampant inflation that the financialized based economies in the west are suffering.
Backing your currency on the USD is madness all currency should go to the gold standard
This one must work.
Big support from kenya🇰🇪🇰🇪
#TheGreatAwakening
Well done, Zimbabwe. UK (and other countries) can learn something from you. I hope it works out.