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Mnangagwa urges Zimbabweans to trust the ZiG currency

by Staff reporter
14 Jun 2024 at 07:21hrs | Views
President Emmerson Mnangagwa has urged industry leaders to trust in the Zimbabwe Gold (ZiG) currency, introduced to replace the unstable Zimbabwean dollar.

Speaking at the 10th CEO Africa Roundtable Annual Conference in Victoria Falls, Mnangagwa expressed confidence in the ZiG as a means to achieve currency stability. He explained that the ZiG is backed by gold reserves accumulated over two-and-a-half years by saving 10% of monthly gold production.

Mnangagwa highlighted the importance of understanding Zimbabwe's history and the steps taken to stabilize its economy. He praised former Reserve Bank of Zimbabwe governor John Mangudya for his role in saving gold reserves, which now support the new currency.

The President also called on the banking sector to foster a savings culture by offering affordable financial products and ensuring positive returns on savings to unlock resources for productive sectors.

Mnangagwa emphasized the need for Zimbabweans to maintain their national identity and values without trying to conform to external expectations. He encouraged young people to be proud of their heritage and engage with others on equal terms.

Source - newsday