{"id":100564,"date":"2024-11-13T23:17:15","date_gmt":"2024-11-13T21:17:15","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/confidence-in-the-zig-at-an-all-time-low-says-rbz-official"},"modified":"2024-11-14T01:27:37","modified_gmt":"2024-11-13T23:27:37","slug":"confidence-in-the-zig-at-an-all-time-low-says-rbz-official","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/confidence-in-the-zig-at-an-all-time-low-says-rbz-official","title":{"rendered":"Confidence In The ZiG At An All-time Low, Says RBZ Official"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>A member of the Reserve Bank of Zimbabwe\u2019s monetary policy committee (MPC) has admitted that public confidence in the gold-backed Zimbabwe Gold (ZiG) currency, introduced in April this year, is at an all-time low.<\/p>\n

Initially pegged at ZiG13.50 to one US dollar, the ZiG has seen a dramatic depreciation, now trading at ZiG25.48 on the interbank market. On the parallel market, the rate has surged even further to around ZiG43 to one US dollar.<\/p>\n

Speaking at the Insurance Institute of Zimbabwe\u2019s annual conference in Victoria Falls, RBZ MPC member Persistence Gwanyanya acknowledged the sharp decline in public trust. He said (via NewsDay<\/b>):<\/p>\n

In our case where confidence has bottomed to a historic low, on account of hyperinflation experiences insisting that the same confidence will drive stability is preposterous.<\/p>\n

As confidence in the ZiG currency continues to decline, some service providers have started demanding payment exclusively in US dollars.<\/p>\n

Those who still accept the ZiG have resorted to using parallel market rates to mitigate potential losses from currency fluctuations.<\/p>\n

Despite the growing reliance on the US dollar, the government remains firm in its commitment to de-dollarisation and has stated that there is \u201cno going back\u201d on the policy.<\/p>\n

To restore confidence in the ZiG, Persistence Gwanyanya suggested that the government should take concrete steps, such as charging taxes, duties, and statutory fees exclusively in the local currency. He said:<\/p>\n

To deal with the rejection effect, there is a need to underwrite the ZiG through supper demand.<\/p>\n

Robust use case, established around wider options for the ZiG is necessary. Government is the best to drive the demand for ZiG through taxes, duties, statutory and user fees.<\/p>\n

We expect Treasury to increasingly pivot towards ZiG the 2025 budget. Increased appetite for ZiG by the government is seen as a confidence boosting measure, but it also means the government has to increasingly rely on the surrender funds\/interbank market for its forex requirements.<\/p>\n

For More News And Analysis About Zimbabwe Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. A member of the Reserve Bank of Zimbabwe\u2019s monetary policy committee (MPC) has admitted that public confidence in the gold-backed Zimbabwe Gold (ZiG) currency, introduced in April this year, is at an all-time low. Initially pegged at ZiG13.50 to one US dollar, the ZiG has seen a dramatic depreciation, now trading at […]<\/p>\n","protected":false},"author":84,"featured_media":100563,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6],"tags":[11500,19],"class_list":{"0":"post-100564","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"tag-persistence-gwanyanya","10":"tag-zimbabwe"},"yoast_head":"\nConfidence In The ZiG At An All-time Low, Says RBZ Official - zimbabwe<\/title>\n<meta name=\"description\" content=\"A member of the Reserve Bank of Zimbabwe\u2019s monetary policy committee (MPC) has admitted that public confidence in the go ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/confidence-in-the-zig-at-an-all-time-low-says-rbz-official\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Confidence In The ZiG At An All-time Low, Says RBZ Official\" \/>\n<meta property=\"og:description\" content=\"A member of the Reserve Bank of Zimbabwe\u2019s monetary policy committee (MPC) has admitted that public confidence in the go ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/confidence-in-the-zig-at-an-all-time-low-says-rbz-official\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2024-11-13T21:17:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-13T23:27:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2024\/11\/sm_1731527840.118573.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"402\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/confidence-in-the-zig-at-an-all-time-low-says-rbz-official\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/confidence-in-the-zig-at-an-all-time-low-says-rbz-official\",\"name\":\"Confidence In The ZiG At An All-time Low, Says RBZ Official - 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