Deputy Minister of Finance and Economic Development, David Mnangagwa, has reassured Zimbabweans that they need not be concerned about some traders rejecting the ZWL50 banknote.
According to Mnangagwa, there are alternative ways to navigate this issue.
Speaking in parliament, Mnangagwa suggested that the local currency being rejected can actually be used to purchase the Zimbabwe Investment Gold (ZIG). The ZIG is a digital currency backed by gold stored at the Reserve Bank of Zimbabwe (RBZ).
Mnangagwa assured the public that plans are in place regarding the country's currency, and there is no need to panic. He stated, "We have considered all the reports that are coming from all the stakeholders. The money will still be in use."
Zimbabwe recently introduced the ZiG Gold-Backed Digital Currency for Use as a 'Means of Payment for Domestic Transactions'. These digital tokens, backed by gold, can be held in e-gold wallets or e-gold cards and are tradable.
Speaking in parliament, Mnangagwa suggested that the local currency being rejected can actually be used to purchase the Zimbabwe Investment Gold (ZIG). The ZIG is a digital currency backed by gold stored at the Reserve Bank of Zimbabwe (RBZ).
Mnangagwa assured the public that plans are in place regarding the country's currency, and there is no need to panic. He stated, "We have considered all the reports that are coming from all the stakeholders. The money will still be in use."
Zimbabwe recently introduced the ZiG Gold-Backed Digital Currency for Use as a 'Means of Payment for Domestic Transactions'. These digital tokens, backed by gold, can be held in e-gold wallets or e-gold cards and are tradable.
They facilitate person-to-person (P2P) and person-to-business (P2B) transactions and settlements.
Furthermore, individuals who possess physical gold coins can exchange or convert them into gold-backed digital tokens through the banking system.
Mnangagwa's response to questions raised in parliament clarified that while the multi-currency system is currently in use according to the law, the Zimbabwean currency is here to stay. The government is considering industry and stakeholders' suggestions that the multi-currency regime should end by 2025.
However, Mnangagwa acknowledged that some businesses are uncertain about lending money beyond 2025 due to currency uncertainty. He emphasized that the Zimbabwean currency has value and is part of the ongoing plans for the country.
In response to concerns about affordability, especially in rural areas, Mnangagwa explained that one ZIG is valued at $0.06c and is pegged to one milligram of gold. This structure ensures that ZIG is accessible and affordable for everyone.
Therefore, despite some traders rejecting the ZWL50 banknote, Zimbabweans can explore using their currency to purchase ZIG, a digital currency backed by gold, as an alternative.
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| ZWL50 Notes Being Rejected By Traders? Don't Worry, says David Mnangagwa. |
Mnangagwa's response to questions raised in parliament clarified that while the multi-currency system is currently in use according to the law, the Zimbabwean currency is here to stay. The government is considering industry and stakeholders' suggestions that the multi-currency regime should end by 2025.
However, Mnangagwa acknowledged that some businesses are uncertain about lending money beyond 2025 due to currency uncertainty. He emphasized that the Zimbabwean currency has value and is part of the ongoing plans for the country.
In response to concerns about affordability, especially in rural areas, Mnangagwa explained that one ZIG is valued at $0.06c and is pegged to one milligram of gold. This structure ensures that ZIG is accessible and affordable for everyone.
Therefore, despite some traders rejecting the ZWL50 banknote, Zimbabweans can explore using their currency to purchase ZIG, a digital currency backed by gold, as an alternative.
The government is working towards a smooth transition regarding the country's currency, and citizens are encouraged not to panic.
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