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Our country yesterday continued on its road towards greater currency sovereignty with the introduction of Zimbabwe Gold (ZiG) notes and coins 22 days after their electronic version started circulating in the economy.
Many people held shiny, new ZiG notes and coins with satisfaction and excitement, the first time they did so in several years.
We saw the photographs of our people celebrating the moment. The notes and coins they held previously weren’t theirs. They were US$ and South African rand. Their central bank had no control over them.
The Zimbabwe dollar which was replaced by the ZiG only existed in electronic form. High inflation meant that if we had to have the local currency in physical form, we had to carry loads of it for us to complete small transactions such paying for a kombi ride or buying a loaf of bread.
Authorities had to take the bold decision to reintroduce the local currency, the process of which was completed yesterday.
But introducing a currency is the easier part; making it endure and work is the harder part.
All of us, from authorities, top executives and the wealthy, down to the poor villager in remote Zimbabwe must embrace and defend our national pride, in the same manner we defend our territorial integrity, our national flag, our national anthem and everything that defines Zimbabwe.
President Mnangagwa, speaking in Harare on Monday said:
“I commend all Zimbabweans for the manner we have adopted and are protecting the use of our own currency, the Zimbabwe Gold (ZiG). Congratulations, Makorokoto. This is our national currency and part of the symbols of our national identity and dignity.”
Let us all take heed of his exhortation and make the ZiG work for our collective good.
The notes and coins will enhance the divisibility of the currency for those who choose to transact in cash. We had gotten used to being forced to take pens, sweets, tissue paper, chocolates, drinks and other small items in place for small change. In other cases, we had to accept tokens which were redeemable at the issuing outlet the next time they served us. You lose the token; you have lost your money.
Indeed, the lack of change was a big inconvenience, which the ZiG notes and coins will resolve.
Another advantage the public will enjoy by using physical tender is that it eliminates the problem of network outages. There are many instances when the public could not transact in local currency in some areas and at some times as service providers claimed loss of network. Some service providers, keen to force their clients to use foreign currency, would pretend the network was down thus they could not swipe. The clients had to run around to secure cash, which was always foreign currency, for them to pay for the products and services they wanted.
Now, one simply walks into an outlet with their ZiG in the wallet, pick whatever they want, pay and leave.
Online Reporter