Vice President Constantino Chiwenga made a significant announcement yesterday regarding the newly introduced Zimbabwe Gold ZiG currency, stating that it’s a permanent addition and warning that those who violate Exchange Control regulations will face severe consequences, including imprisonment. This update comes from a report by Business Times.
During his address at the Zimbabwe International Trade Fair in Bulawayo, Vice President Chiwenga also issued a stern warning to currency dealers, advising them to be ready for tough enforcement measures.
“ZiG is here to stay forever,” Vice President Chiwenga declared.
He added: “The bold step that we as a government have taken symbolises our commitment to stabilise this economy. Don’t be a player in undermining ZiG.
“We are going to implement strict measures. Our ZiG is not like any other currency because it is firmly controlled. It will not be subject to speculation.
Speculators should therefore be ready for the fight, or we will lock them in, Therefore, I upon both the public and the private sectors to fully embrace and support ZiG currency.
We won’t give up on it because this structured currency will guarantee stability.”
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He also pledged to eliminate illegal gold traders. Vice President Chiwenga’s statement echoes comments made by George Guvamatanga, the permanent secretary in the Ministry of Finance, Economic Development, and Investment Promotion.
Guvamatanga hinted that the Treasury plans to mandate all ministries, government departments, and agencies to utilize the newly introduced ZiG for all legal obligations. This move aims to stimulate demand for the new currency.
ZiG is supported by reserves of gold and foreign currency. Despite authorities emphasizing that ZiG is a robust currency with backing from gold and foreign currency reserves, the market remains skeptical.