Connect with us

Hi, what are you looking for?

Zimbabwe News

Mnangagwa: We’ve adequate gold reserves to back ZiG

Emmerson Mnangagwa

President Emmerson Mnangagwa has said the Government worked on the Zimbabwe Gold (ZiG) currency for at least two years before its introduction.

ZiG was launched by the Reserve Bank of Zimbabwe’s new Governor John Mushayavanhu during his inaugural Monetary Policy Statement on April 5, 2024.

Speaking to Russian media outlets in St Petersburg, Russia, Mnangagwa said Zimbabwe has enough gold in its reserves to back the ZiG. He said (via The Sunday Mail):

The focus is on our currency, gold-backed, and we have worked for two years to have it. We have more than enough reserves to back the currency.

All along, we have been using other countries’ currencies and now we introduced a currency backed by gold, but we still have other currencies in circulation, and we are happy we have solid gold and solid currency backed by gold.

Before I introduced ZiG, we had researched for two years, and we realised we wanted a solid, structured gold reserve-backed currency.

We have more gold; I toured the reserves and saw the gold myself. Our economy is now based on solid fundamentals of the economy.

ZiG has been the official currency of Zimbabwe since April 8, 2024. It is backed by foreign currencies, gold, and other precious metals.

Mnangagwa was in Russia for the 27th St Petersburg International Economic Forum at the invitation of the country’s leader, President Vladimir Putin.

See More News Below

Zimbabwe News

President Emmerson Mnangagwa travelled to South Africa on Tuesday, 18 June, to attend the inauguration of President Cyril Ramaphosa, leader of the African National...

Zimbabwe News

Front for the Liberation of Mozambique (FRELIMO) presidential candidate Daniel Francisco Chapo is set to visit Zimbabwe to meet President Emmerson Mnangagwa on July...

Zimbabwe News

ZANU PF central committee member and prominent transport operator, Isau Mupfumi, forced mourners who were gathered at the scene of a bus accident that...

Zimbabwe News

ZANU PF Political Commissar Munyaradzi Machacha has warned party members who own businesses and are rejecting the Zimbabwe Gold (ZiG) that they face arrest....

Zimbabwe News

ZANU PF is reportedly divided on how to react to the scandal involving Wicknell Chivayo, an ex-convict who has been dishing out cash and...

Zimbabwe News

The Government, through the Ministry of Finance, Economic Development and Investment Promotion, has scrapped the requirement for gold miners to pay a 15 per...

Zimbabwe News

ZANU PF First Secretary President Emmerson Mnangagwa on Wednesday urged Party members to resist an alleged onslaught from Western countries against liberation movements in...

Zimbabwe News

The ZANU PF Youth League has sternly warned Wicknell Chivayo against abusing the name of the Party and State structures for self-aggrandizement. In leaked...

Copyright © 2020 ZoxPress Theme. Theme by MVP Themes, powered by WordPress.