Redmi by Xiaomi

Redmi by Xiaomi

Xiaomi Mobile phones in Zimbabwe

Open
HomeGeneral

ZiG Launch Key To A Stable Domestic Currency - Mnangagwa

5 months agoWed, 02 Oct 2024 17:14:24 GMT
Share on FacebookShare on TwitterShare on LinkedIn
ZiG Launch Key To A Stable Domestic Currency - Mnangagwa

President Emmerson Mnangagwa has said the adoption of the Zimbabwe Gold (ZiG) in April 2024 was a significant move towards stabilising the domestic currency.

The Zimbabwe Gold currency was launched on April 8, replacing the Zimbabwean dollar, which had depreciated by 80% in the first three months of 2024.

During the opening of the Second Session of the 10th Parliament at the Parliament Building in Mt Hampden this Wednesday, Mnangagwa said that the Reserve Bank of Zimbabwe has introduced greater flexibility in the willing-buyer willing-seller arrangement to encourage foreign currency holders to engage in the forex market. He said:

Currency stabilisation is at the core of macroeconomic stability. The adoption of the Zimbabwe Gold (ZiG) in April 2024, was an important step towards stabilising the domestic currency anchored by our gold and precious metal reserves. It remains the duty of all of us to respect and abide by measures and instruments intended to maintain economic stability and tame inflation.

In response to the increased foreign currency pressures, and in a bid to deepen the foreign exchange market, the Reserve Bank allowed for greater flexibility under the willing-buyer willing-seller arrangement.

Click here: Pindula WhatsApp Channel
wa.me/channel/0029Vb4GVea90x2nCSDImS1b

 

The increased flexibility on the foreign exchange market is expected to further promote effective price discovery and encourage holders of foreign exchange to participate in the willing-buyer willing-seller market.

Mnangagwa also said the government is committed to supporting the currency by allocating 50% of royalties to build reserves.

The President disclosed that foreign currency inflows from exports have risen from US$7 billion in 2023 to US$8 billion in 2024. He added:

Our country’s banking sector is on sounding footing, with sufficient capital and liquidity buffers, while profitability, asset quality and liquidity matrix have also remained stable.

However, we note with concern the resurgence of parallel market activities driven by speculative tendencies.

Corrective measures are being instituted to protect all Zimbabweans from economic disruptions.

Launched in April 2024 at an initial rate of ZiG13.50 to US$1, the ZiG was initially presented as a remedy for Zimbabwe’s ongoing economic crisis. However, it has experienced significant devaluation on the black market.

On September 27, the RBZ set the official exchange rate at ZiG24.3 per US$1, up from ZiG14.1 per US$1.

As of October 2, 2024, the official ZiG rate against the US dollar was ZiG25.2 per US$1, according to the central bank’s website.

More: Pindula News

Tags

60 Comments

Anonymous · 5 months ago
Haah Zig yakatora mari nyangwe yoenda muna July it was reported kuti $75 million was externalised after Zig introduced ndosaka nhamo yanyanya
shurushuru · 5 months ago
hadzitonyari here nemamiriro akaita nyika
44yrs · 5 months ago
FAMBA ZVAKABAKA MUROORA; chati homu chareva uye muromo wavakuru hauwiripasi Kana vachizvitaura pane zvavakamboona pazviri Nhai muroora Zig masvikiro awakaita pamusha pano handiwo Wakaita kunge ndiwe muroora watanga kusvika pamusha pano kwete Paimbova namai bhiera kukauya mai agro kukauyazve mai bond vose vangaenda vatadza mutemo wemusha uno Zvichireva imi muri mainini Vanhu vedzinza rino havachina ganda kumeso mwakauya muchivhaira zvakapfurikidza He he ndakadzodzwa goridhe ndinotenga kufanana ne Usa hino zvawavekuvhaisa watengei?? Iwe nhasi wvekuvhaisa kudai usina kna kumbotenga peturu zvayo. Pamuromo pevanhu vachingoti kisimusi ino ausviki uripano aunyari nei muroora Kuzendama nendarama handikugwinya muroora. Mai zig tsigai takambozvitaura mave wechingani pamusha pano? Ndakanzwa vamwe tete vachiti ndimi muroora wemusha uno uye vanovimba nemi Ndivo vachamuroora nekuti murumewenyu chaiye haachamudi Tsepete tsepete famba zvakanaka muroora Vakamboonana havashayani. 🤝👏👏
1
1
laugh emoji1
Anonymous · 5 months ago
Let him cheat on ballots papers.....what I know is he can't cheat the economy. Economy ichamu zvambura kusvika ATI task!
Ama2000 · 5 months ago
🙌
👀👀 · 5 months ago
was happy to hear his Excellency admitting that things were not well with our local currency
Erudite · 5 months ago
As usual the president was eloquent and conscise with the points he was raising.... Speculative tendencies by vulture capitalists has been the cancer that has stopped the Zimbabwean dream of having a stable currency...How I wish for the relevant authorities to come up with a sustainable solution to this problem... Personally I would not mind trampling of civil liberties and implementing draconian measures to finally wean the insatiable thirst for the USD that has infected this great nation.... Erudite out
HomeT4 · 5 months ago
Pengera kwawakaroyiwa.
Anonymous · 5 months ago
Uri ndove yemwana
Anonymous · 5 months ago
Saka you think ZiG ichaita kuti fuel and imports zviuye muno here You definitely were not around in 2008 when you couldn't get toilet paper.
Anonymous · 5 months ago
Zig is doomed. Inevitable as nobody trusts the ruling party.
Erudite · 5 months ago
@ Sandra From your little hovel armed with nothing but a smartphone and plenty of vitriol you think it wise to argue with someone that is on the zeitgeist of pop culture ?🤣🤣🤣...You want to bring in your cruddy economics degree given to you by pencil necks that have done nothing but teach the same drivel for decades🤣🤣🤣🤣....You could be Adam Smith , Karl Marx or even the Nobel memorial prize laureate in Economics an I would still think you are a simpleton.... Where did I claim to have studied economics in three days?...For someone that claims to have a PHD you really are thick 🙄...That is the problem with eggheads like you who think that people should quiver at the mere mention of your academic achievement which you may or may not have paid your way to achieve....I find it funny that people accuse me of high browism yet I do not even mention my academic achievements...You Sandra on the other hand felt it necessary to mention your qualifications🙄scared much that 🤣🤣....You might be booksmart but it seems it has come at the detriment of being able to hold a steady conversation.... Erudite out
f · 5 months ago
ziso rababa vari papic nderemunhu akatodhakwa ada kurohwa
Sandra · 5 months ago
@Erudite, your comment please Sir !! Ndiwe une kakungwarira paduri sehuku. Is it true that you studied economics in just three days ? There was a comment here on Pindula yesterday in which a certain writer confirmed that @Erudite studied economics in a record three day period. Saka uri chibaba shaz, chisekuru chaicho. 🧙‍♂️ It took me four years to complete my BSc Economics, before enrolling for my MSc and did my PHd later on. For clarity and avoidance of doubt, the timeline of @Erudite's rise to stardon is set out below:- DAY 1: BSc Economics DAY 2: MSc Economics DAY 3: PHd Ecomomics 👋👋👋👋
Sandra · 5 months ago
@Erudite, which higher learning institutions did you attend ?
Erudite · 5 months ago
i attended chitepo school of economic ideology for 3 whole days , 7hrs a day for 3 days = 21 hours total , i learnt a lot , plus it was free, I did not have to pay a cent for the great edukayshun !!
🙄 🤪 · 5 months ago
Picture iyo ka Ndi President ma anyama zvo mene, Haiwa! hu chairman izodzo zveshuwa, ganda kubva rachinja unge President veku chando uko
👀👀 · 5 months ago
hu chairman haisi zodzo dear,inhaka yemusiiranwa which rotates to all presidents in the Southern Africa region,Mugabe akatofa ambohugara ,&as l heard he became one of best chairman during his reign
theLastAntKing · 5 months ago
for zig to prosper or any currency to be stable, industry should be active & noisy. Export earnings should be much higher than imports. -Zimbabwe should refocus on what to Export. It should venture into energy sector & Export power. Zvema purazi izvi zvaramba, capital yaiswa yaiswazve but chabuda hapana saka tikasatengesa zig rinowa nekuti ma imports a anyanya kunyange toothpick chaiyo yakubva China
👀👀 · 5 months ago
you are right there
Vaghar · 5 months ago
**Maphucker**
Vaghar · 5 months ago
*Maphucker*
Vaghar · 5 months ago
<strong>Maphucker</strong>
Vaghar · 5 months ago
{ console.log("Maphucker") }
hunter · 5 months ago
who ever prepared this speech was trying to make it as if they is production that will come out with zig. Mr President munhu akupai speech iyi akunyeperai hunyai kumbare munzwe chokwadi
belafonte · 5 months ago
radhakwa zinhu renyu iro, just dump it, simple
. · 5 months ago
dream on kule
Jack zuma · 5 months ago
Dai lan Smith akaramba achitonga hake dai tirikuseri kwekuseri not **** awa
skun · 5 months ago
kunge dai Uri garden boy wevazukuru va smith
Jacob Zuma · 5 months ago
Currency isingatengi petru hapana wena
Chitare T. Norton · 5 months ago
Zig haibhekwe ne gold ipepa Risina chinhu.Kare.kwaiti kana Mari yakachengeterw mugaba,5pounds ikat****mumba. waingoenda negabaracho ku bank ,vebank vaingotoratwuwaya twegold mudota iwe vokupa 5pounds mariitsva .twu waya twaizonogadziriswa imwe Mari nditwo twaikosha nokuti twaitova ne gold yacho kwete yema bar e gold ariku bank. Saka kanayaitwa saizvo hai donhe nokuti inenge one kukosha kusingadzikire
Bishu · 5 months ago
No stability comes from changing the name of your currency. The economics have to change as well. Same fundamentals even a hundred different names for your currency will not change. Economics if done well even mukatii ndove it will work
jivaschihwehwete@gmail.com · 5 months ago
there is need for quality versus cost materials used for printing Zig notes.
Cîroc 🍸 · 5 months ago
This maphucker is clueless
laugh emoji1
Chibaba · 5 months ago
Uyu anorwara uyu ,Big shops are closing because of useless Zig 👉👉 Powersales, Food World then ED utter nonsense about zig
ZiG · 5 months ago
zvandilamba zheZhimbahw3 I only shevhayivhudhi fo onili fayifi manzi then pamweji wechi sikisi ndishina simba saka moshaya zhwakanaka Wana wevhuu handishwike kilichimatsi ndichinemi
ED · 5 months ago
Ndanga ndichitamba we must revive the agric sector then industries economy haigadzwe nekuprinta mariiiiiiiiiii
ȼøɍɍᵾᵽŧɨȼɨȺn · 5 months ago
𝚎𝚍𝚞𝚌𝚊𝚝𝚎𝚍 𝚉𝚒𝚖𝚋𝚘𝚜 𝚟𝚊𝚛𝚠𝚒 𝚟𝚎𝚑𝚘𝚗𝚍𝚘… 𝚝𝚜 𝚕𝚒𝚔𝚎 𝚣𝚒𝚖𝚋𝚊𝚋𝚠𝚎 𝚒𝚜 𝚝𝚑𝚎 𝚘𝚗𝚕𝚢 𝚌𝚘𝚞𝚗𝚝𝚛𝚢 𝚝𝚑𝚊𝚝 𝚠𝚎𝚗𝚝 𝚝𝚘 𝚠𝚊𝚛 𝚊𝚗𝚍 𝚜𝚎𝚎𝚖𝚜 𝚊𝚜 𝚒𝚏 𝚝𝚑𝚎𝚢'𝚛𝚎 𝚐𝚘𝚘𝚍 𝚊𝚝 𝚒𝚝, 𝚋𝚞𝚝 𝚌𝚊𝚗𝚝 𝚜𝚘𝚛𝚝 𝚝𝚑𝚎𝚒𝚛 𝚎𝚌𝚘𝚗𝚘𝚖𝚢 𝚛𝚒𝚐𝚑𝚝. 𝚠𝚎𝚕𝚕 𝚣𝚒𝚐 𝚒𝚜 𝚝𝚛𝚊𝚜𝚑 𝚜𝚘 𝚊𝚛𝚎 𝚝𝚑𝚎 𝚙𝚎𝚘𝚙𝚕𝚎 𝚠𝚑𝚘 𝚋𝚎𝚕𝚒𝚎𝚟𝚎 𝚒𝚝𝚜 𝚊𝚌𝚝𝚞𝚊𝚕𝚕𝚢 𝚊 𝚖𝚘𝚗𝚎𝚢 💰. 𝚐𝚘 𝚑𝚊𝚗𝚐
𝘢𝘯𝘤𝘪𝘦𝘯𝘵 𝘷𝘰𝘪𝘤𝘦𝘴 · 5 months ago
the quality of the papers used to print the zig notes says it all.. they never believed that it would last till December… 𝘥𝘶𝘮 𝘩𝘦𝘢𝘥𝘴 𝘧𝘶𝘭𝘭 𝘰 𝘴𝘩𝘪𝘵 💩 𝘱𝘭𝘢𝘺𝘪𝘯𝘨 𝘱𝘦𝘰𝘱𝘭𝘦 𝘧𝘰𝘳 𝘧𝘰𝘰𝘭𝘴
Officer#12 · 5 months ago
Iye chake kungoverengawo zvinenge zvakaitwa prepared nema secretaries ake... Haatozive kuti zvaanga achi addresser zvinorevei... Hapana asingazvizive kuti Mr Ediot i**** remandiriri...
Bhuru · 5 months ago
Uyu ane problem yekugara akadhakwa
chaka · 5 months ago
#anonymous wambotaura , concerning Hondo yeku Mideast, that deno Zimbabwe ikaitwa giraundi re Hondo yacho ,.Zvinenge zvinotova common sense ,
🙄 🤪 · 5 months ago
They should monopoly cash to practise this flow rather than real cash that determines people's lives
Sir African · 5 months ago
His face shows he can't believe his own utterances. The banking system is what people dont trust.Its the one that causes people to hold on to their money .No individuals keep their money in the bank not even for 24hours.Its a risky to put your money in an institution that will take half of it. The bank will takes 2%for ITT, 3%for bank use.to make it 5%.
Ndini · 5 months ago
Uyu mupengowo chaiye
ah ok my foot sounds good · 5 months ago
"Our country’s banking sector is on sounding footing" a foot sounding like whatty?
Kny · 5 months ago
Korenyi iwe Kunyepa girraruti usanyepere vanhu, vazhinji wafa zvisiri izvo nenhau dzekunyepera nyika, tokimu anotaura zviroto hanzi kukwegura oita sedamvwana radzurika pwunwudyari yese. Kukosora se gseasarandi radya haakwani ****. ZIG zero rashayavanhubasa gedion atosekerera achiti takafanana isu wehu governor kana wanamigabe wakafanana futi, chikerema tsvangis nelsontshabangutimbancube kerenyikudadavidhutahwashemanyemba teammbavhambwa zig indoveyebhizajenaravadyejena zig zag backed by 300000000000000tones of corruption
Sir African · 5 months ago
He is clueless ,the speech was prepared by his secretary and do believe he believes in his waffling.
skun · 5 months ago
believe it or not.. secretary haana chaanotozivawo..anotopihwawo info from rbz zvisamakise chete..
· 5 months ago
zig yacho haana kumbobvira aibata basa rekugadzirira vana vevamwe Mari dzisingatengi , manje chakatanga ndicho chakachenjedza haishandi Mari yenyu kusvika Mati sorry .
Sting sting · 5 months ago
which reserves was he talking about does they get hold of dt zig from eloping... kkkk irii ktotizakaa makaitariraa akuruuu
LOOTMORE · 5 months ago
🚮🚮🚮

Leave a Comment


Generate a Whatsapp Message

Buy Phones on Credit.

More Deals
Feedback