The Zimbabwe Congress of Trade Unions (ZCTU) has requested an urgent meeting with Central Bank Governor John Mushayavanhu to discuss the impact of the Monetary Policy Statement (MPS) on workers.
Mushayavanhu presented the MPS on Friday last week and the introduction of a “structured currency”, known as Zimbabwe Gold (ZiG) was the major highlight of the presentation.
ZiG is backed by a composite basket of foreign currency and precious metals (mainly gold) held by the Reserve Bank of Zimbabwe (RBZ).
According to a letter seen by NewZimbabwe.com dated April 8, 2024, signed by the ZCTU secretary general, Japhet Moyo and addressed to Mushayavanhu, price hikes have eroded the majority of workers’ earnings who are now failing to make ends meet. Part of the letter reads:
The working people of Zimbabwe have already suffered immensely as wages have failed to keep pace with price hikes.
The situation has worsened rendering it practically impossible for workers across all sectors to earn the current salaries and sustain their families or be able to go to work.
In this vein, the ZCTU is requesting an urgent audience whose agenda would be to discuss and understand the Monetary Policy and its implications on workers.
According to the RBZ, on Tuesday, 09 April, the ZiG strengthened by 0.2% to 13.53 per US dollar, up from 13.56 per dollar the previous day.
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