Zimbabwe News

Mthuli Ncube pleads for patience as ZiG launch disrupts commerce

The Minister of Finance, Economic Development, and Investment Promotion, Mthuli Ncube, has pleaded for patience following the recent introduction of Zimbabwe Gold (ZiG) currency which has inconvenienced the transacting public, reported NewsDay.

The Reserve Bank of Zimbabwe (RBZ) launched ZiG on Friday last week resulting in Zimbabweans being shut out of electronic banking platforms for days as service providers configured their systems to transition from Zimbabwe dollars to ZiG.

Furthermore, the RBZ said ZiG notes and coins will be released to the market on April 30 and this has caused a “change” crisis as traders rejected the Zimbabwe dollar notes, with the US$1 note now the lowest denomination where the Rand is not widely used.

Addressing lawmakers in Parliament on Wednesday this week, Ncube pleaded with members of the public to be patient as the transition from Zimdollar to ZiG continues. He said:

Again, if you could be patient and bear with the Reserve Bank; they have really done their best.

It is not surprising that maybe one or two things did not happen as anticipated and on time. It is just a complex issue, but I think that the public will understand.

You have to print new money; you have to make sure the gold in our case is in place, and the diamond is in place. There are just so many variables and I hope you will understand.

Ncube urged the Zimbabweans to have confidence in the ZiG and to be proud of their currency. He said:

As the government, we would want this to be acceptable, that citizens have confidence and you can only build that confidence if you communicate and explain how it works in simple language.

We believe that educating the public about the design of the currency and how it has been put together will give them that level of confidence.

I would like to urge members of the public to have confidence in ZiG and use it all the time. It is everyone’s currency, and we should be proud of it. After all, a country derives pride from its currency.

The Finance Minister also warned those rejecting the Zimdollar that law enforcement agencies are coming after them.

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