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ZiG to join global currency club with ISO Code

23 May 2024 at 19:26hrs | Views
The Reserve Bank of Zimbabwe (RBZ) is in the process of applying for an International Organisation for Standardisation (ISO) code for the Zimbabwe Gold (ZiG) as it moves to make the unit a standalone currency. ISO currency codes are three-letter alphabetic codes used to represent different currencies across the world. Each country has its own unique code, such as USD for the United States dollar, GBP for the British pound and EUR for the euro. The ZiG will include eight banknote denominations and two-coin denominations.

The decision to apply for an ISO code for the Zimbabwe Gold (ZiG) demonstrates the Government's commitment to the gold-backed currency and its long-term viability. This move indicates that there is no plan to reverse or abandon the ZiG, which has already shown positive results in stabilizing prices and exchange rates since its introduction on April 5, 2024.

The benefits of the ZiG are evident in the economy's improving shape, including price stability where the ZiG has helped to control inflation and maintain stable prices, creating a favorable environment for businesses and consumers. The gold-backed currency has stabilized the exchange rate, reducing volatility and uncertainty in international transactions.

The ZiG has contributed to the economy's growth, attracting foreign investment and promoting trade. It has also increased confidence. The Government's commitment to the ZiG has boosted confidence in the economy, encouraging local and international investment.

The ISO code application demonstrates a clear direction and commitment to the ZiG, reducing uncertainty and speculation about the currency's future.

By applying for an ISO code, the Government is taking a significant step towards cementing the ZiG's position as a stable and credible currency, supporting Zimbabwe's economic development and growth.

An ISO code would recognize the ZiG as a legitimate currency, facilitating international transactions and trade.

A unique three-letter code like ZWG for the Zimbabwe Gold (ZiG) would bring efficiency and clarity to international transactions, making it distinct from other currencies, avoiding confusion and mix-ups. The ISO code would also make the ZiG recognizable. It will be easy to identify and remember, reducing errors and mistakes.

The ISO Code would also standardize ZiG, thereby aligning it with global standards and simplifying international payments and data exchange. Furthermore, the ISO would make the currency efficient streamlining transactions thereby saving time and resources.

This three-letter code would facilitate seamless international transactions, promoting trade and economic growth for Zimbabwe. In essence, the ISO code would simplify international transactions, reducing errors and confusion, and making it easier for Zimbabwe to participate in the global economy, ultimately driving economic growth and development.

ED launches the Youth Service in Zimbabwe Programme

President Emmerson Mnangagwa will launch the Youth Service in Zimbabwe Programme tomorrow, 24 May 2024. The launch event, which marks a significant milestone, will be held at Nhakiwa Vocational Training Centre in the Uzumba Maramba Pfungwe District of Mashonaland East Province. The event, themed 'Empower Youth: Secure the Future', signals a new direction in youth development under the Second Republic, building on the country's commitment to empowering young people and securing a brighter future for generations to come.

The Youth Service in Zimbabwe Programme is a key enabler in molding the young people into patriotic citizens and ultimately able leaders. Because the Programme inculcates values of Ubuntu/Unhu, every Zimbabwean should embrace and support it. Apart from instilling values of Ubuntu, the Programme will assist in impacting the spirit of patriotism, discipline and leadership to the country’s youthful population as they are the future leaders.  

Scores of youths from all walks of life will have an opportunity to interface with the President during the launch as he delivers his keynote address during the proceedings of the Programme. The President will take the opportunity to lay the foundation and direction of the Programme. The launch comes at a time when construction works at Chitepo School of Ideology in Harare have been successfully completed.  

Government has been consistent in youth development. Thus the Second Republic established a fully-fledged Government Ministry dedicated to youth empowerment and development. The momentous event will give youths an opportunity to interact and get insights from Government Ministries, Departments and Agencies and private sector players who will be exhibiting.

The establishment of the Empower bank is indicative of the Government’s efforts to recognize the importance of the youth bulge in the development agenda. Youths are a vital cog in terms of any development as they are the leaders of tomorrow. The Youth Service in Zimbabwe Programme will, therefore, lay foundation for the youths to become polished leaders in future.

The Second Republic is leaving no stone unturned in its quest to empower youths. The Ministry of Youth Empowerment, Development and Vocational Training has lined up programmes to establish Youth hubs across all the provinces. The hubs will work as centers for development projects, life skills and information communication centers.

During proceedings, the Youth Empowerment Forum will run on the sidelines of the launch to provide a platform for the President of Zimbabwe to engage with the youth, identify and unlock the socio-economic potential of youths through building the capacity of young people,
The Forum will also seek to identify and unlock socio-economic opportunities for youths by engaging policy makers in key sectors of the economy to harness the youth dividend towards achievement of vision 2030, as well as increase awareness, commitment and investment in youth development initiatives, programmes and projects.

The youths of Zimbabwe are urged to take advantage of these Government initiatives to better create employment. The Youth Empowerment Forum will be rolled out in all the country’s ten provinces. Zimbabwean youths are, therefore, rallied to be part of this profound development. Walala wasala. Second Republic, leaving no one behind.

Zimbabwe-Angola economic and political relations deepen

Zimbabwe and Angola have agreed to enhance their Joint Permanent Commission on Cooperation (JPCC) to a Bi-National Commission (BNC), demonstrating their commitment to strengthening economic and political ties ¹. The agreement was reached during the second session of the JPCC, held in Luanda, Angola, from May 13 to 16, 2024.

The meeting resulted in the signing of ten Memoranda of Understanding, underscoring the nations' dedication to deepening their cooperation. To further boost trade relations, Zimbabwe has extended an invitation to Angolan businesspeople to participate in the upcoming Zimbabwe Agricultural Show, while Angola has reciprocated by inviting Zimbabwe to the annual Feira International de Luanda (FILDA) exhibition in July. These developments signify a significant step forward in the nations' collaborative efforts, fostering greater economic and political engagement between Zimbabwe and Angola.

Zimbabwe and Angola have signed Memoranda of Understanding (MoUs) in various fields, including agriculture, higher education, justice, and housing, as part of their efforts to deepen relations. The signing of these MoUs in Luanda, Angola, marks a significant milestone, coming 32 years after the last meeting between the two countries.

The Joint Permanent Commission on Cooperation (JPCC) was attended by senior officials from both countries, including Zimbabwe's Foreign Affairs and International Trade Minister, Ambassador Frederick Shava, and Angola's External Relations Minister, Tete Antonio. Ambassador Shava emphasized that, given the excellent bilateral relations between Zimbabwe and Angola, it is only fitting that the two countries further entrench their relations through stronger economic cooperation.

Zimbabwe and Angola enjoy strong historical ties that date back to their fight for liberation from colonial rule, with Angola providing invaluable support to Zimbabwe. These historical ties have been cemented with the JPCC, leading to the signing of the MoUs.

After Angola gained independence in 1975, former President Neto provided sanctuary to Zimbabwean freedom fighters, despite Luanda facing its own challenges at the time, including interference from hostile foreign forces. This gesture of support has continued to flourish to this day, culminating in the establishment of the JPCC between the two brotherly countries.

Zimbabwe and Angola have a history of supporting each other in various international forums, taking common positions to promote peace, security, and industrialization in the region. Angola's support for Zimbabwe during its tenure as SADC Chair has been invaluable, with Angola strongly advocating for the removal of all sanctions imposed on Zimbabwe.

During the JPCC deliberations, Angola's Minister Tete congratulated Zimbabwe on its peaceful general elections held in August last year, which were won by ZANU PF and President Mnangagwa. Minister Tete also commended Zimbabwe's efforts to promote socio-economic development and condemned the maintenance of sanctions imposed on Zimbabwe by the West, particularly the United States.

Source - Tafara Shumba
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