Tuesday, May 20, 2025
No Result
View All Result
News Report  Zimbabwe
  • News that Matters
    • News
    • Health and Diseases
    • Technology
    • Religion
    • Horror and Disaster
    • Elections 2023
  • Crime and Courts
  • Celebrity
  • Sports
  • Mjolo
  • Breaking News
  • News that Matters
    • News
    • Health and Diseases
    • Technology
    • Religion
    • Horror and Disaster
    • Elections 2023
  • Crime and Courts
  • Celebrity
  • Sports
  • Mjolo
  • Breaking News
No Result
View All Result
News Report  Zimbabwe
No Result
View All Result
Home News

ZAPU denounces new currency

April 8, 2024
0
ZAPU denounces new currency

The ‘mother’ party ZAPU says as long as the country lacks legitimacy derived from free and fair elections, people will have no faith in a currency produced in Zimbabwe.

On April 5, 2024, the new Reserve Bank of Zimbabwe (RBZ) governor, Dr John Mushayavanhu introduced a new “structured currency” called ZiG ( Zimbabwe Gold) in his much anticipated Monetary Policy Statement for the year.

ZiG banknotes will be issued in denominations of 1ZiG, 2ZiG, 5ZiG, 10ZiG, 20ZiG, 100ZiG and 200ZiG, with the RBZ saying it will be backed by a composite basket of foreign currency and precious metal, mainly gold reserves.

ZiG now forms part of the multi currency basket while all ZWL banknotes, ZWL bank balances, ZWL mobile money accounts and ZWL prices will be converted into ZiG using an exchange rate determined by the gold’s global price as of April 4, 2024 and the ZWL interbank rate as of April 5 2024.

However, ZAPU said it is appalled by the Monetary Policy Statement announced by the RBZ Governor, saying for such a long wait it turned out to be a mockery.

“For a monetary roadmap the nation and the world were forced to await with bated breath, for a whole quarter, the meandering rigmarole produced by the new Reserve Bank Governor is a mockery of his esteemed office,” ZAPU National Spokesperson, Richard Gandari.

Gandari said the world over, any currency is as good as the people’s faith in it.

“Zimbabwe’s currency challenges emanate from stolen elections, not necessarily treasury’s quasi-fiscal activities as intimated by the hamstrung new governor. Without the legitimacy derived from free and fair elections, no RBZ governor, blunt or sharp, can establish people’s faith in Zimbabwe’s local currency,” he said, emphasising that commanding an economy was not running it.

“The RBZ can never establish a command currency. The RBZ Governor’s bravado in claiming that he will enforce stricter regulations to curtail treasury’s quasi-fiscal activities is just empty rhetoric.”

Gandari claimed the tragedy with Zimbabwe’s central bank is every new governor is “determined to see his signature on banknotes to feel relevant enough to be inducted into the same hall of fame with the likes of Desmond Krogh, Kombo James Moyana and Leonard Tsumba.”

He stated that since 2003, it has become “the norm” where every new governor at the RBZ comes with a new currency.

“All colours, shapes and designs have been tried, in the vain attempt to foist a lasting currency, upon a populace that has long lost faith in the state-captured RBZ,” Gandari said, stating that the newly minted ZiG currency, unveiled by Dr Mushayavanhu, “is a new low even by the bastardised standards of the RBZ.”

The ZAPU national spokesperson claimed the RBZ governor was clueless on how to bring practical solutions to Zimbabwe’s economy.

“The level of cluelessness behind his stillborn, structured currency is astounding. How his ZiG will promote bank use where bond notes failed is only known by the new face of government failure to at least salvage Zimbabwe’s economy from further decline,” he said.

“The emptiness of his rhetoric can only be rivalled by the empty vault in which President Mnangagwa was shown Zimbabwe’s paltry, national gold reserves.”

Gandari said in hindsight, the President’s tour of the RBZ financial “mausoleum” served “as a harbinger of Dr Mushayavanhu’s moribund policy statement.”

“There was no need for anybody to wait for his bag of hot air,” he said, claiming the ZiG currency will be a monumental failure that will only serve to popularise Dr Mushayavanhu’s signature.”

The ZAPU national spokesperson described ZiG as an attempt to aid the State run “a pyramid scheme of grand proportions.”

“It takes no oracle to see how the new governor’s tenure is going to produce the same if not worse results than his predecessor and namesake,” he said.

“Money circulation is not going to improve and shadowy kingpins in the black market will continue to call the shots.”

Contrary to the RBZ’s sentiments that the central bank will determine the value of ZiG, Gandari said market forces would do that.

“The true value of ZiG will soon be determined by market forces and not the RBZ. Small denominations will hardly change hands before informal traders reject them. Furthermore, Zimbabwe’s balance of trade will remain terrible to put it mildly,” he said.

“A valueless local currency serves no purpose other than the profitable arbitrage created by exchange rate manipulation and rampant corruption.”

The opposition politician claimed the RBZ has “effectively become the biggest enabler in the establishment of Zimbabwe as a spoils-centered and patrimonial society.”

“For ordinary Zimbabweans, ZiG will simply be another colourful slap in the face. The only takeaway from Dr Mushayavanhu’s policy announcement is how the RBZ, on his watch, has unlocked new levels below rock bottom,” Gandari summed.

Source Bulawayo24

Tags: Dr John MushayavanhuGandariReserve Bank of Zimbabwe (RBZ)zig

Related Posts

Empowering Women, One Story at a Time

Empowering Women, One Story at a Time

by Nyathi
May 20, 2025
0

In a remarkable recognition of her dedication to journalism and storytelling, Bridget Mukwena, a renowned online journalist for News Report...

NRZ’s Pitiful Excuse

NRZ’s Pitiful Excuse

by Nyathi
May 20, 2025
0

A recent controversy has been brewing in Harare's Willowvale industrial area, where a wall was built across a railway track....

The Thrilling Adventures of Harare’s Finest Thief & Bulawayo’s Most Wanted: Sunhat Bandits

The Thrilling Adventures of Harare’s Finest Thief & Bulawayo’s Most Wanted: Sunhat Bandits

by Nyathi
May 19, 2025
0

A 31-year-old man had his white Mercedes Benz C200 stolen from outside a restaurant in Harare after an unidentified woman...

Zimbabwe’s Capital City, Harare, Grapples with Water Crisis

Zimbabwe’s Capital City, Harare, Grapples with Water Crisis

by Nyathi
May 19, 2025
0

The water situation in Harare has reached a critical point, with boreholes being drilled in the central business district to...

Dozens Displaced in Zimbabwe Land Eviction Cloverdale Farm Demolitions

Dozens Displaced in Zimbabwe Land Eviction Cloverdale Farm Demolitions

by Nyathi
May 19, 2025
0

Dozens of families were displaced after the deputy sheriff successfully carried out evictions and demolitions at Cloverdale Farm in Goromonzi,...

University of Zimbabwe Plans to Hire Replacement Lecturers Amid Ongoing Strike

University of Zimbabwe Plans to Hire Replacement Lecturers Amid Ongoing Strike

by Nyathi
May 19, 2025
0

The University of Zimbabwe (UZ) is taking drastic measures to mitigate the disruption caused by a two-month-long strike by its...

Please login to join discussion

Trending News Today

  • Bianca Censori’s See-Through Top. A Fashion Statement or a Cry for Help?

    Bianca Censori’s See-Through Top. A Fashion Statement or a Cry for Help?

    112 shares
    Share 45 Tweet 28
  • NRZ’s Pitiful Excuse

    63 shares
    Share 25 Tweet 16
  • Woman Forges O-Level Certificate to Become Nurse

    127 shares
    Share 51 Tweet 32
  • Soccer Stadium Turns into War Zone: ZIFA Vows to Crack Down on Hooligans

    48 shares
    Share 19 Tweet 12
  • Armed Robbery in Bulawayo’s Dark Alleys

    48 shares
    Share 19 Tweet 12
  • Minister Garwe Plays Temba Mliswa, Morgan Komichi and Elias Mudzuri, Dirty

    41 shares
    Share 16 Tweet 10
  • The Thrilling Adventures of Harare’s Finest Thief & Bulawayo’s Most Wanted: Sunhat Bandits

    74 shares
    Share 30 Tweet 19
  • Empowering Women, One Story at a Time

    34 shares
    Share 14 Tweet 9
  • Zimbabwe’s Political Circus–War Veterans Leader ” Geza” Throws a Wrench

    32 shares
    Share 13 Tweet 8
  • Woman Arrested for Attempted Murder Over Unpaid Debt

    31 shares
    Share 12 Tweet 8

Popular This Week

  • Unhealed Wounds-Remembering the 21 Mothers of Emkhonyeni Who Were Burnt Alive

    Unhealed Wounds-Remembering the 21 Mothers of Emkhonyeni Who Were Burnt Alive

    277 shares
    Share 111 Tweet 69
  • Loophole or Legal Gymnastics? Zimbabwean Schools Find Ways Around Fee Payment Rule

    218 shares
    Share 87 Tweet 55
  • Philanthropy or Publicity Stunt? Wicknell Chivayo’s Lavish Gift to Jah Prayzah’s Team

    189 shares
    Share 76 Tweet 47
  • Congratulations to Impact Training Institute for golden results

    146 shares
    Share 58 Tweet 37
  • Woman Forges O-Level Certificate to Become Nurse

    127 shares
    Share 51 Tweet 32
  • Bianca Censori’s See-Through Top. A Fashion Statement or a Cry for Help?

    112 shares
    Share 45 Tweet 28
  • UK’s Care Worker Visa Cancellation ,A Blow to Zimbabwean Professionals

    110 shares
    Share 44 Tweet 28
  • Betrayal , Healing and Tattos

    109 shares
    Share 44 Tweet 27
  • Train Collision with ZRP Vehicle in Gweru Raises Concerns

    97 shares
    Share 39 Tweet 24
  • The Despicable Scam at Zimbabwe’s Hospitals; Its Business Nothing Personal.

    219 shares
    Share 88 Tweet 55

Popular This Month

  • Kidnapped Zimbabwean Women and Children Safely Rescued

    Kidnapped Zimbabwean Women and Children Safely Rescued

    731 shares
    Share 292 Tweet 183
  • The Itchy Billionaire: A Tale of Shame and Ridicule

    608 shares
    Share 243 Tweet 152
  • Zimbabwe’s Leader Loses Grip on Reality?

    444 shares
    Share 178 Tweet 111
  • Mysterious Deaths Rock Zimbabwe’s Military-Security Apparatus

    284 shares
    Share 114 Tweet 71
  • Tragic Bus Accident in Gweru Claims Six Lives

    282 shares
    Share 113 Tweet 71
  • Unhealed Wounds-Remembering the 21 Mothers of Emkhonyeni Who Were Burnt Alive

    277 shares
    Share 111 Tweet 69
  • Apostle Eunor Guti Declines Wicknell Chivayo’s Lavish Gift

    266 shares
    Share 106 Tweet 67
  • Deputy Minister’s Fairytale Engagement: Love in the Time of Trade Deals

    246 shares
    Share 98 Tweet 62
  • CAG Travellers Coaches: Where Humanity Takes a Backseat

    234 shares
    Share 94 Tweet 59
  • Pastor’s Double Life Exposed: Drama Unfolds at Secret Wedding

    219 shares
    Share 88 Tweet 55

Most Read Stories

  • “Zimbabwe Is Discrediting SADC”

    ZANU PF Accused Of Bribing SADC Elders To Retain From Losing Power

    5233 shares
    Share 2093 Tweet 1308
  • Madzibaba gets Toyota Aqua after explaining new currency ZiG to church

    4529 shares
    Share 1812 Tweet 1132
  • Breaking News: Zimbabwe launches New Currency (Zig)

    4275 shares
    Share 1710 Tweet 1069
  • Guide : How to access 2023 Zimsec Ordinary O Level results online

    3970 shares
    Share 1588 Tweet 993
  • Uganda Police Officer Shoots Wife Dead After Mocking Him Over Man-U Loss

    3886 shares
    Share 1554 Tweet 972
  • Floods hit Gweru

    3590 shares
    Share 1436 Tweet 898
  • Mashura pa Gokwe musi wa 12.02.24

    3540 shares
    Share 1416 Tweet 885
  • Secret message for ED after his inauguration

    3477 shares
    Share 1391 Tweet 869
  • Heatwave Warning:Expect Extremely hot temp ranging from 36° to 41° until 12 March

    3390 shares
    Share 1356 Tweet 848
  • Here is the reckless Kombi Driver!!!!!!!!!!! See pics here

    3213 shares
    Share 1285 Tweet 803

  • About Us
  • Contact Us
  • Privacy Policy
  • FAQ
  • Terms of Service
  • Home

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • News that Matters
    • News
    • Health and Diseases
    • Technology
    • Religion
    • Horror and Disaster
    • Elections 2023
  • Crime and Courts
  • Celebrity
  • Sports
  • Mjolo
  • Breaking News