The newly introduced gold-backed Zimbabwe Gold (ZiG) currency is sliding on the black market even though it has marginally gained value against other currencies since its launch earlier this month.
Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanahu launched ZiG on April 5, with the new currency trading at 13.56 to the U.S. dollar, before firming to 13.34, on 17 April.
Through an X post seen by Newsreportzim.com RBZ Governor stated that Upon introducing a new currency in the 2023 Monetary Policy Statement, new RBZ Governor Dr John Mushayavanhu said service stations will continue selling fuel in US dollars “until otherwise reviewed.”
This has been a contentious issue with the public.
The new ZiG notes will hit the market next Tuesday, 30 April, and RBZ Governor Dr John Mushayavanhu now seems conciliatory:
“We are still negotiating and making considerations on how best we can allow the selling of fuel in ZiG. We start on taxes to be paid in ZiG and include other commodities, and people are going to be advised. We need to do our work gradually, and we are going to reach that situation where[by] fuel is going to be sold in ZiG.”
Source Newsreportzim.com
