Zimbabwe Introduces New Gold Backed Currency To Tackle Inflation
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- Опубликовано: 5 апр 2024
- zimbabwe gold currency - Zimbabwe Introduces New Gold Backed Currency To Tackle Inflation - For quite some time, Zimbabwe has grappled with currency troubles, prompting its citizens to increasingly rely on the US dollar for everyday transactions, spanning from groceries to gasoline. Despite numerous governmental interventions aimed at stabilizing the situation, success has remained elusive. Yet, the resilience of the nation persists undeterred. In a bold move, Zimbabwe is now unveiling a new currency, underpinned by gold and foreign reserves, in a bid to combat rampant inflation. The central bank announced this transformative initiative on Friday, signaling a determined effort to usher in stability and economic rejuvenation.
The introduction of a new gold-backed currency named ZiG by the Reserve Bank of Zimbabwe marks a significant step toward stabilizing the economy and shielding citizens from currency volatility and soaring inflation rates. ZiG, short for "Zimbabwe Gold," was unveiled by Central Bank Governor John Mushayavanhu, underscoring the nation's commitment to fortifying its financial infrastructure.
Mushayavanhu outlined the Reserve Bank's objective to supplant the Zimbabwean dollar, RTGS, which has depreciated by three-quarters since the beginning of the year, with the gold-backed ZiG currency. He further emphasized that Zimbabweans have a 21-day window to exchange their existing currency for the new one. Throughout this transition period, the US dollar, dominant in 85% of transactions, will continue to be accepted as legal tender.
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The economy is small enough to easily do it. Good move.
💚🖤❤️ BRAVO, ZIMBABWE🇿🇼 Smart economic move‼️
Back in June 2022 they introduced one ounce gold coins to bolster the previous dollar, reduce inflation, and demand for the US Dollar failed. Productivity has still not improved, and the World Bank still ranks Zimbabwe as a middle income country come 2030.
😂😂I don't think you're familiar with how economies thrive. Changing a currency as they have done before wont change the economy without policy changes
@@danaidanai6118Yes, here we go again... another re-launch of the same old. Zimbabwe had five tonnes of gold with which to back is currency in 2003, held from the time of independence. Gideon Gono sold all of it in around 2003. Now they are bragging about 1.5 tonnes. Do we even know whether it is gold or just Tungsten (same S.G as gold) coated with gold? Why has there been no independent internationally-accepted external auditor to verify the gold purity (by random drilling of bars and random placement thereon and then AA analysis), gold quantity and verifying no third party liability of that gold? Remember the famous, ""One is to One". What happened? Mangudya promised to resign the moment it changed from 1:1. Remember? This is like the fourth or fifth time they are creating a new currency. Remember the bearer cheques with expiry dates and "special agro cheques", Bond, etc 😂🤣😂
Good may it bring good for the country.
A welcome development.
Awesome. Great timing. Babylon is falling.....sooner than you think. Stay on track Alkaboulon. You will return to greatness. the Most High wills it. all praises to the Yahuah and Yahusha.
I agree! Amen!!!
I wish you succeed dear Zimbabwe
THE WHOLE CONTINENT SHOULD DO THE SAME!!!!💯🧠💰👍🎯
About time!! Better late than never!
GREAT GREAT NEWS Black Zimbabwe People Very Very PROUD OF YOUR BLACK MEN CAN HOLD THEY HEAD UP💪🏾💪🏾💪🏾💪🏾💪🏾🤜🏾🤛🏾
😹😹😹😹😹😹
you must be American to mention "black" like it matters to what they are doing
@@samypro5113 you must be american 🤓 americans come in every shape or form or race ya mad rat! 😹
@@samypro5113 yall dumbasses incompetent dont be angry with me 😹 yall want communism and anti-western sympathy lets get it then yall will he poorer overnight watch it 😹👍
@@samypro5113 there’s one thing the middle east has that africa does not have and that is the so called black vs white sentiment 😹 thats why they doing better bro i remember one of the major airlines in the uae has a british ceo haha he could never in africa but they are doing better than africa 😹👍
Great for Zimbabwe, please guide your resources. Continue resilience nice to see African countries talking matters into their own hands. ❤🇿🇦
This is pretty amazing when you think about it. It’s fantastic! Wish they’d done this sooner 👌🏾👏🏾👏🏾👏🏾
Hope you succeed
I've been saying this for a long time African countries need to back their currency with their own gold and resources. Will make it stronger it might struggle in the beginning but it will certainly make it strong in the end that's how the dollar became strong it was back with the gold standard.
It will happen… but when it does you better not live in America
@@KingMeMgmt I'm too old to move anywhere else but I hope my grandchildren will get enough brains to move out of this country and invest in mother Africa because America is standing on her last leg and the West is getting ready to crash. Africa is the future and it is on the rise and there's nothing the West can do about it.
@@tracysharp1361 well said… I hope to see your grandchildren flourish. Don’t believe the negativity, Africa’s doors are open for all African Americans.
@@KingMeMgmt trying to open their eyes to the motherland it's hard sometimes especially when they don't have parents who are in tune to the African continent but I try to make sure that they are in tune to Africa I told him Africa is the future and don't believe all the negativity they hear about Africa white people have been going to Africa for years invested in buying land in Africa and we need to do the same thing and quit spending our money in areas that do not love us and only hate us we need to invest in the motherland mother Africa is the future like anywhere else you have to do your homework and all of these countries there are shysters and scammers everywhere but you must not be afraid to adventure out especially in mother Africa. That is the future of the world
@@tracysharp1361 🎯🎯 white, Chinese and Indian are already in African. Sorry but African Americans are always late to the party. By 2030 Africa will be the land where dreams come true. Please make sure your family comes to Africa!!
Independent Africa
I'm from South Africa this is good but our leaders in Southern African, Greediness and corruption is too much. Ideas are there but money will vanish.
Malema for president!
@@listenup2882 You mean local President ya Limpopo?
Well done team
So, what'll be the ZIG and dollar conversion rate now?
most Zimbabweans wont fall for this again. we are not putting our hopes up like before.
Zig iripamberi pe zar
Imbomirai kupemberera. Vanoprinta mari havana kudzingwa, vachiri kukwanisa. ZiG iri13000 to USD. Number iyoyo inofanira kuramba ichidzika. Ngatisvikei gore tozotanga kutaurisa
@@2leg1t2qwt5self hate is a Zimbabwean problem
A gold coin could become collectible. Nobody is going to care about the paper money. This isn’t really going to help much. You don’t move forward by regressing more than 100 years.
I would not trust these guys whatever they telling me. Let's see how many weeks this latest swindle lasts.
[:"What's wrong? Afrika requires a Single Currency-single not multiple currencies; unbelieveable."]
👏🏾👏🏾👏🏾
Z dollars 💲💲💲💲💲💲💲💲
IF THE COUNTRY ARE TO BE TAKEN SERIOUSLY,THEY NEED TO HOLD BETWEEN 100 TONS AND 200 TONS OF GOLD IN THERE RESERVES. NOT 2 TONS, BUT ITS A START.
How long will it be until people suspect there is not enough gold to back the currency. Forget the paper currency, just use gold.
What happened to the old Zim?
AMERICA NEEDS TO DO THIS NOW.
So automatically zim dollars is among top 3 strongest currency on the continent now
Learn financial education to all citizens.
So the ZIG is exchangeable to GOLD?
No..🤣
Yes it is it represents gold so you can buy the mosi otunya coin wich is made of gold😊
@@dinganitapela838top lying to people mosi otunya coin is made of gold so sit down
Don't accept worthless federal reserve notes(car note,house note=debt) force your natural resources
It's only non Zimbabweans who laud this non event as something great. We Zimbabweans have been through this crap many times before and know it's nothing but gimmicks!
I like this idea, but don't follow Nigeria's example. lol
No matter the concerns be rest assured that money will not be printed on a whim
Is Mizizi owned by Black people?
X
Ahhh... Here we go again... another re-launch of the same old. Zimbabwe had five tonnes of gold with which to back is currency in 2003, held from the time of independence. Gideon Gono sold all of it in around 2003. Now they are bragging about 1.5 tonnes. Do we even know whether it is gold or just Tungsten (same S.G as gold) coated with gold? Why has there been no independent internationally-accepted external auditor to verify the gold purity (by random drilling of bars and random placement thereon and then AA analysis), gold quantity and verifying no third party liability of that gold? Remember the famous, ""One is to One". What happened? Mangudya promised to resign the moment it changed from 1:1. Remember?
The regime really needs to put a serious effort in tackling systemic corruption in Zimbabwe,the level of corruption is so out of hand it’s why investors are gun shy to pump anything in the country. They also need to stop using sanctions as an excuse to loot state funds or abuse power. Implement financial reform,stop wasting state funds on useless luxuries for the elites,start using funds to build institutions with discipline,and Zimbabwe 🇿🇼 will become the crown jewel of Africa again.
Another joke by the failing Zimbabwean government. Give me 7 days and you’ll tell if the currency is worth anything.
Gold Mafia aljazeera 3.0
Banana Republic
Zim cant manage their currency under every 10 years they will relaunch a new currency. So just stick with the South African Rand or the Botswana Pula!
Zimbabwe's economy is in trouble or they would not be doing this!
😂😂
One kilo of gold is US$75,000 so how much Zigs is that ?
and they say the gold reserve is less than 2 tonnes in total? these guys are clueless
@@dinganitapela838 gold reserve can be gold at Reserve bank in Zimbabwe, US or UK. There is still more gold underground. Atleast they have cleared that the ZiG =US$13.56