It’s demoralising to witness Zimbabwe undergo currency changes more frequently, than proper leadership change.
The newly created currency is called ZiG, which the government mentions that it is backed by the country’s gold. The cost of printing is more than the value of the money printed. Zimbabwe has faced significant economic problems, including hyperinflation and economic drainage.
Over the past years, the government keeps on changing its currency frequently, from RTGS to bond notes and now Zig. Yet there hasn’t been any significant changes in the country’s economy; the cost of living keeps on rising and a higher percentage of unemployment rate.
Rapid inflation, poverty rates continue to remain alarmingly high because of Zimbabwe’s plagued economy.
The lack of stable currency in Zimbabwe and mismanagement in government, has caused severe pain to its citizens. The government continues to dodge important issues that need urgent action.
Due to hyperinflation, the citizens have no confidence and trust in the changing of new currency. As in the previous years the government has introduced bond notes and RTGS , but there has not been any significant change in the economy, instead it is going from bad to worse.
Zimbabwe’s currency continues to face challenges in maintaining its value, stability and face hurdles in gaining widespread acceptance. Many businesses, particularly those involved in international trade, continue to accept foreign currencies as a form of payment.
An urgent need of a new remarkable leadership is required in Zimbabwe, that will benefit the country as a whole.
Source Newsday
