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INDEED currency is the lifeblood of every successful economy, a key asset that determines the rise or demise of businesses in any jurisdiction.
Across the globe, countries jealously guard and protect their currencies, which are not only a symbol of national identity but a solid value preservation unit for ordinary people, businesses, trust funds and facilitating ease of transacting or trade, among other functions.
We are excited and proud that the Reserve Bank of Zimbabwe (RBZ) has successfully managed to launch a new Zimbabwe Gold (ZiG) currency whose full circulation began on Tuesday with the release of new crisp bank notes and coins.
Backed by gold and other precious metals, and a basket of foreign currencies, market players have fully embraced the ZiG following its introduction by the Reserve Bank of Zimbabwe (RBZ) on April 5.
Key economic stakeholders have expressed optimism that the adoption of the ZiG, which until Tuesday was only being used electronically to pave the way for effective public awareness and printing of new notes and coins, is the panacea to the desired long-term stability and smooth business transactions.
The RBZ has pegged the withdrawal limits at ZiG3 000 for individuals and ZiG30 000 for corporates with denominations of 1 ZiG, 2 ZiG, and 5 ZiG in coins and notes of between 10 ZiG to ZiG200.
While we celebrate this milestone development, we urge all Zimbabweans to play their part to protect the ZiG by promoting its wider circulation at all levels. This responsibility extends to playing our part in weeding out unscrupulous criminal elements who are bent on fuelling illicit speculative behaviour that leads to exchange rate volatility on the black market, resulting in inflation that destabilises both the currency and the economy.
While we join economic stakeholders in celebrating the ZiG success, we urge relevant authorities to be vigilant and diligent in protecting the currency by descending heavily on illegal forex dealers and its kingpins, as economic saboteurs cannot be allowed to operate freely to reverse the economic gains made by the Second Republic.
Already, we are getting reports that some unscrupulous businesses and schools have inflated the exchange rate with our sister paper H-Metro reporting this week that a Harare private school had pegged the rate of one US dollar at ZiG23 much to the chagrin of parents who want to pay fees using the local currency.
In Bulawayo, some businesses have also unjustifiably inflated the exchange rate and if such behaviour goes unchecked by relevant authorities, it will cause unnecessary suffering by the people.
We equally commend the RBZ for affirming its commitment to curtail money supply growth and closing up all potential leakages that could threaten the stability of the new currency.
On Monday President Mnangagwa called upon Zimbabweans to emulate the dedication and patriotism shown by fallen national heroes through embracing the ZiG as it is a symbol of the country’s national identity and dignity.
“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,” said President Mnangagwa. He was speaking during the burial of two National Heroes Brigadier-General Shadreck Vezha, and Cde Nyasha Nash Dzimiri and National Heroine Cde Grace Tsitsi Jadagu at the National Heroes Acre in Harare.
President Mnangagwa said in the face of neo-imperialist machinations, everyone had a duty across their respective sectors and individually, to defend the country and work hard for a more prosperous future for all.
Online Reporter