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Zimbabweans Short-changed As Resistance To ZiG Persists

10 months agoMon, 29 Apr 2024 16:11:30 GMT
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Zimbabweans Short-changed As Resistance To ZiG Persists

The recent launch of the Zimbabwe Gold (ZiG) currency by the Reserve Bank, backed by gold and other precious metals, along with foreign currency reserves, has provided scant relief for long-suffering consumers who continue to grapple with price increases.

ZiG is already circulating on the market electronically, but the release of banknotes and coins, preferred by the majority of traders who don’t have bank accounts, was delayed by 21 days.

The RBZ has pledged to drip-feed the notes and coins into the market starting on 30 April 2024.

According to a NewZimbabwe.com report, shops across the country favour the US dollar for transactions, with some linking ZiG prices to the volatile street rate.

Some retailers especially the major retail chains are displaying prices in both USD and ZiG dollars at the official exchange rate, while others are pegging prices using illegal exchange rates.

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The official interbank rate stands at US$1: ZiG13.44 but some retailers are transacting using rates as high as ZiG19.00.

According to a snap survey carried out by NewZimbabwe.com, at Gain Cash and Carry, owned by National Foods, a 10-kilogram packet of mealie meal was priced at ZiG107 while in US$ it was being sold at US$6.20.

The same product at TM Pick n Pay was selling at US$6.97 while in local currency it had been pegged at ZiG92.70

Mohammed Mussa displayed signage accepting the local currency but reportedly refused to accept the transactions at till points.

A cashier at one of the four operational tills said the system had been down since Thursday morning. On Friday morning and later in the afternoon, the system “was still down.”

However, an unsuspecting worker at the wholesaler told the publication that they were yet to accept ZiG currency payments. Said the employee:

Pafeya chaipo muno ZiG haritodiwe. Kungoisawo hedu notice incase law enforcement agents walk in. (To tell you the truth, we are only displaying as you can see but ZiG is not accepted here. But you can go to the cashiers and ask).

This practice by unscrupulous businesses leaves many Zimbabweans, who earn their salaries in local currency (wholly or in part), at a disadvantage.

Confederation of Zimbabwe Retailers (CZR) president, Denford Mutashu advised consumers to report to authorities when shops reject ZiG or use street rates. Said Mutashu:

The issue is sometimes we don’t even have airtime to call authorities. It will be a huge sabotage if any retailers are breaching the law, it is not nice and of course, we can always tip law enforcers.

So far, I have not used ZiG myself so I’m not very sure about the situation unfolding on the ground.

Rosemary Mpofu, the chief executive officer of the Consumer Council of Zimbabwe (CCZ), said:

CCZ is always in constant engagement with government especially on topical consumer issues. Our recent survey has observed that the big retail outlets have aligned with exchange rate requirements.

However it is the small retailers and tuckshops that continue to shortchange consumers through speculative tendencies, and they have been doing this even before the introduction of ZIG.

In that respect, we continue to engage government to enhance the enforcement aspect, further to that, CCZ continues to educate consumers on shopping tips and avoid service providers that use exorbitant rates.

We also recommend stiffer penalties or revoking licenses for those promoting speculative tendencies.

The government has previously warned retailers against such practices, and the Financial Intelligence Unit (FIU) says it has frozen the bank accounts of 11 entities for refusing to trade in ZiG.

More: Pindula News

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63 Comments

Anonymous · 10 months ago
Udzai John Mushayavanhu kuti ZiG harishande mu Zimbabwe...
rg · 10 months ago
what ever shamazi iwe😛😛😛😛😛😤
Chero zvazvaita · 10 months ago
thus why muchifa muri **** ...nyaya dzemari dzine vamhu pasi
rg · 10 months ago
chokwadi chagara chinodzimba moyo kusvika pakutuka munhu🤣🤣🤣
😎🤏 · 10 months ago
A person can't be forced to accept real money.The way they're using to make people accept their money shows that it's not real money.Why didn't they force us to accept USD in the 1st place.They should just admit that they have failed and quit period!!!
Anonymous · 10 months ago
"Do what I say, not what I do"
rg · 10 months ago
zig harishande ....go back to Commonwealth hakuna nyika ingasimuka kana kubudirira iriyoga,even those super powers they have allies..,
Pasi Pamera Ziso · 10 months ago
The results of introducing ZiG to compete with the dominant US dollar were obviously negative and intellectually flawed. The Black Market rate has moved from the street to the shops. The two options can now kick in, 1) Reintroduce BASIC COMMODITIES SUPPLY SIDE INTERVENTION (BACOSSI) or 2) Let people with free funds import basic commodities free of duty 😏. Currency reforms are not easy especially when some politicians will be the greatest losers. For that, cdeED should crack the whip in their faces.
Anonymous · 10 months ago
Allowing people to import basic commodities duty free will kill local production. Government should prove to business that all raw material transactions (imported) can be delivered on timeously without IMTT. When transacting through the bank, they not only pay the higher rate, but they must also include all the other statutory and organisational bank charges, plus all the conversion charges at the bank. It should be more economical to purchase raw materials than finished product. Unfortunately with the new SI's companies must now pay Bureau Veritas more money to inspect their products before they are transported. Whilst companies importing finished products can do so uninspected, with no extra costs. Open for business, just not local ones. Companies need to replace their stock with the money they receive. Not set the price to what government believe should be acceptable, whilst they add all their additional taxes to compensate for an almost entirely informal economy.
Denford Mutashu · 10 months ago
The comments attributed to me are not only false but utter hogwash . No reporter from NewZimbabwe.com ,ever sought a comment from me .This is gutter journalism bordering on malice and deserving of legal action. It's sad that some of this paper's fake journalists stopped seeking comments from me because I refuse to pay bribes everytime they come for comments. I have the evidence of some of them soliciting for bribes. How on earth would I ever make such an illiterate comment? . Surprising the writer is slanderous and scandalous in the fake comments attributed to me.. it's criminal and keyboard, utter laziness . Fake news , fake story , fake sources , fake journalist. Was the comment sought over the phone, email or whatsapp ,, proof thereof . I keep records of all comments I give out to all journalists and last gave out a comment to this stable mid last year 2023 .
Putin 🇵🇾🇳🇱🇳🇱🐊🐊🐊 · 10 months ago
Real Madrid 2..Bayern Munich 0 famba Madrid famba ,hala hala
everseeing · 10 months ago
Any retailer not happy to operate in Zim must pack up shop and get out ZIG is our currency and it will be accepted , anyone also not happy return all Govt documents , ie birth certificates, ID's, drivers license, passports and get out and find another place to live Viva Zimbabwe 🇿🇼
Retailer · 10 months ago
Any customer not happy with the way I run my business should just take his Zigs away from my shop.
Anonymous · 10 months ago
Take your Nazi badge off and join the real world. Just because people don't agree with you doesn't mean you need to start foaming at the mouth.
🏃‍♀️Chi baby che Zanu 🌊 · 10 months ago
ndinenge ndichizunza mutaka mazakwatira saMai Welly tichipemberera maZig topinda joy winning the war against sanctions ED delivers...
Wastak · 10 months ago
Uasmhanye zvako kupembera economy is watching yu ndoinokuudza zvekuita not zig Uasmhanye zvako in the next coming days, weeks and months mushayavanhu arikuuya ne mumwe mutemo zig rashaya simba industry is not mining chete zvakawandisa zvinoda export kuti tiwane enough foreign currency zvizhinji zvamuri ku in porter zvakamira ma kukwanisa kuzviitira yes totangira ipapo tinenge takuchirwa ne corruption not ms sanctions ekunyepa amunotitaurira ayo makavanda ne munwe
Appah weZANU · 10 months ago
fara hako baby rezanu ......zig roda kupembererwa ..........unoketya nemarii baby rezani
godogo wenyaya · 10 months ago
ini ndinoitwa hangu godogo ....ndikunakirwa hangu feel free to join. ZiG handisati ndaona kunaka kwaro kana kushata kwaro cz I'm from hunterer gatherer family pasina changu ndinongo pfuura kkkkk
godogo wenyaya · 10 months ago
haaa pakaipa.... it's now like a cycle 😂😭😂😭😂😭😂😭😂😭😂😭😂😭😂😭
Ayer taguta · 10 months ago
zig boe futi
doug · 10 months ago
The World Bank has distanced itself from what was said about the making of the currency.
Anonymous · 10 months ago
Of course. World Bank can advise on how to do it. Implementation is up to the local authority.
Cde Shondo · 10 months ago
isu toziva kuti mari inotenga hairambiwi ko sei zig richirambiwa pakutenga fuel kureva kuti haritengi
Malcolm X · 10 months ago
TN Grill yepana Rezende na Charter ndakanzi hatitengesi nema zig tinotora USD chete.
retired general · 10 months ago
I chokwadi here guys zig (hardcash) harichabudi mangwana rawedzerwa madays
no to zig · 10 months ago
shandisai mega mari dzenyu isu bodo taramba,taneta nekubirwa
Ndini ndadaro · 10 months ago
zig ngaritange ratenga fuel tochizorigamuchirawo nemaoko maviri pasi izvozvo ma1 ayo
masigede · 10 months ago
nhasi ndaa ndichitoisa ma price matsva mu tuckshop coz zvinhu zvakakwira and business is really down,chaakutorengwa hwahwa nechingwa,so we are going nowhere,
🧟👹😵‍💫 · 10 months ago
pamberi nezanu pf
masigede · 10 months ago
@anonymous varikuribvuma but varikukurova ne rate ravo zvekuti bar resipo tikaisa mari yaurikuritenga naro kuma US its 3 us,,,,dai vachiisa maprice control,hapana munhu snoramba mari yenuika yake but mari dzacho dzawanda hatina hope,coz kwatabva kure nemari dzeZimbabwe,l lost my funeral policy mazuva ema bearers cheque,acount yangu was barred so am afraid history will repeat itself,
masigede · 10 months ago
new world order here kana kuti zig ibond rakangochinja hembe,shaa we lost hope mazuva ema beares cheque,gold coin rakagadzirwa wakamboriona iwe,ndakapembera chii town yese zuro ndichitsvaga mabasics kuira kunge munhu anopenga,,saka hauna zvaukuda kuedza kutauea,urikurohwa mazig ese pamabasics mashoma shoma,ride Iwewe zig iroro,
Mohammed Zaka ali · 10 months ago
ndikafunga about zig ndohwa kufara sandy chiuya ne BÉCHE kotonhora uku bulawayo outta ndakanokodoresa
sandy · 10 months ago
byo papi cowdrypark
Anonymous · 10 months ago
No one is short changing Zimbabweans but themselves. Why don't they report the retailors refusing ZiG which is the legal tender.
Anonymous · 10 months ago
Can you report government departments as well for refusing ZiG?
laugh emoji1
kol · 10 months ago
kkkkkk zvakaon tell musiyano wegolden coin nezig rigold but coin yava kumahumbwe
Makomborero kuita mari · 10 months ago
Isina kana portrait of a president, dead or a life, Go anywhere mari dzine mufananidzo wema president kana vakamboita mukurumbira Ours us different SA rand has Mandela that's side worshiping Botswana has Mosisi on another note That's I think stamps authority over money Zimbabwe we have the Bird feature That one should be treated with some respect
Dhadha · 10 months ago
???
👀 👃 👄) 🚬ZiG ngarishande · 10 months ago
It's the digital age we ought to embrace all folds, it's the only new world order of transactions we have to have ourselves, Gone are the days time yeku go taura zvima flimsy papers, where you can have risks of contracting diseases and all ZiG is very versatile in mobile money and or carry few coins for matohwe not buying matohwe nhunguru ne dollar rese here not centimes in it Its the new world order which is pure order our country can have
Anonymous · 10 months ago
Having entirely digital currencies can lead to abuse by public officials. If there is a dispute, they can use it as intimidation or extortion as there is no other alternative for maintaining the funds other than what they offer. As was done by Trudeau in Canada during the truck protests.
1
Legend · 10 months ago
Zig vanorida shandisai isu bodo kwete
Blue & White Party Of Zimbabwe · 10 months ago
NONSENSE AND STUPIDITY YESE IYI ICHAPERA KANA VANA VEZIMBABWE VABVUMIRANA KUITA COALITION OR NEW FREE AND FAIR ELECTIONS
Chixy · 10 months ago
MaZig hatimadee
Sakuyeyo · 10 months ago
Go to pick n pay n Global supermarket in Mutare, they have raised USD prices so that when transacting in Zig a one dollar product ends up being $3
Mamzoe · 10 months ago
Zig is facing commercial rejection and its trajection is clearly destined to dismal failure. Feel pity for the civil servants whose salaries are partly ZIG, they'll watch it accumulating zeroes everyday.
Chixy · 10 months ago
Gold coin rakazoita sei zviyaa
Clemence · 10 months ago
Gold coin ririko baba asi kuti rinoshanda nevanhu vane mari dzavo. kwete vema zig ndezvekushaya izvi
chizman · 10 months ago
arikuramba zig ngaarohwe shamhu 6 pa****u arikuita zvichi money charger ngaarohwe shamhu 6 kumeso period
Bruno · 10 months ago
Now that there is war against money changers, why are major retailers being allowed to peg prices at Zig23 or more against the official Zig 13
dod · 10 months ago
imbwa iwe
Mohammed Zaka ali · 10 months ago
we must accept our local money ndokuti zvifambe remember kuti nhamo inokwazvamura iwe nemhuri yako so rejection automatically u paused economic growth ye village and ye nyika at large azvisi zvemusangano izvi being patriotic does not mean wave wezanu patriotic kungoda nyika yako so
Zuma · 10 months ago
How can we embrace a currency that is rejected by the government who introduced it. Cant buy fuel with Zig, cant pay Passport fees and many other gvt services.
Anonymous · 10 months ago
Plus cash not available ????

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