Minister of Finance, Mthuli Ncube says the country’s economy is expected to rebound as a result of the newly launched gold backed currency, Zimbabwe Gold (ZiG).
In an interview with South African broadcaster, Newsroom Afrika, on Thursday, Ncube highlighted that government will put measures to protect the new currency from collapsing.
“Zimbabwe will seek full convertibility of its new currency, the ZiG, as a way to further support the unit and protect it from collapse,” said Ncube.
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In April, the Reserve Bank of Zimbabwe (RBZ) announced the introduction of ZiG, which is aimed at addressing the high inflation rates that have been a major problem for the country’s economy.
ZiG becomes the country’s sixth currency and a latest attempt to solve the monetary crisis.
Ncube has high hopes that the new currency will succeed, helping in stabilising prices and improve economic conditions in Zimbabwe.
“This currency will succeed because we are putting measures ( Financial Intelligence Unit) to deal with those who undermine the newly launched currency.”
The minister rallied investors to come and invest in Zimbabwe highlighting that Zimbabwe is a safe destination for investments.
“ZiG seeks to remonetise the economy to restore investor confidence and this will be done through restoring confidence in the currency itself. Key is achieving price and exchange-rate stability,” he said.
