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'Embrace ZiG to bring stability'

by Staff reporter
22 May 2024 at 09:42hrs | Views
Vice President Kembo Mohadi recently emphasized the importance of collective effort in embracing the ZiG currency, stating that it will contribute to a smoother transition towards a more stable economic environment. 
Addressing a Zanu PF Matabeleland South Provincial Coordinating Committee (PCC) meeting in Gwanda, VP Mohadi urged Zanu PF leadership to actively educate communities about the new currency.
The ZiG currency, primarily backed by gold and foreign currency reserves, is expected to mitigate inflation and restore long-term macroeconomic stability. The multi-currency regime is slated to remain in place until at least 2030.

VP Mohadi stressed the significance of citizens embracing the ZiG, asserting that this strategic shift will redefine Zimbabwe's trajectory towards self-sufficiency and stability. He underscored the strength of the currency, being backed by valuable assets like gold, which would make it resilient to devaluation.

Highlighting the role of Zanu PF in disseminating information, VP Mohadi emphasized the party's presence across the nation, making it well-suited to educate communities about the ZiG currency through its extensive party structures.

Finance Minister Professor Mthuli Ncube announced that all ministries, departments, agencies, and the private sector must recognize ZiG as the official currency for financial transactions and payment for goods and services. RBZ Governor Dr. John Mushayavanhu indicated plans for the release of higher denomination notes and emphasized the importance of public education on the currency.

While urban areas have begun trading using the ZiG, there are concerns about the lack of information in remote and rural areas. To address this, the RBZ has partnered with the Ministry of Information, Publicity, and Broadcasting Services to conduct awareness campaigns on the new currency, with the support of key stakeholders.

Source - The Herald
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