Reserve Bank rolls out ZiG public awareness campaigns

THE Reserve Bank of Zimbabwe (RBZ) has joined hands with the Ministry of Information, Publicity and Broadcasting Services and other arms of the Government to roll out a massive countrywide campaign to enhance public awareness of the newly introduced Zimbabwe Gold (ZiG) currency.

This follows the successful launch of the structured currency on April 5, which has been overwhelmingly embraced by key economic stakeholders. On Tuesday this week, depositors across the country started withdrawing cash from their bank accounts, paving the way for a full-scale circulation of the ZiG.

RBZ Governor, Dr John Mushayavanhu, with concurrence from economists, is convinced the introduction of the ZiG would bring about lasting stability in the economy and boost business operations while promoting savings in line with the recent Monetary Policy Statement.

Backed mainly by gold, and other precious minerals and a basket of forex reserves, ZiG is a successor to the Zimbabwe dollar, which had suffered from volatility challenges, and its success is expected to anchor the de-dollarisation roadmap.

So far the ZiG has sustained a stable path, hovering around 13,5 to the US dollar and achieving marginal gains against the greenback, which has helped ensure prices of basic commodities remain stable.

While the public has started trading using the ZiG, especially in urban areas, there have been concerns that members of the public in remote areas and rural districts still lacked adequate information regarding the new currency.

This has prompted the RBZ to partner with the Ministry of Information, Publicity and Broadcasting Services to conduct joint awareness campaigns on the currency, supported by other key stakeholders.

A nationwide campaign programme has been lined up and rolled out in Bulawayo yesterday where teams engaged with residents in Cowdray Park suburb and will proceed to other parts of the city.

**An RBZ official (left) interacts with residents in Cowdray Park as part of the ongoing ZiG nationwide awareness campaign**

They also distributed fliers with the specimen of the currency and also responded to public questions. During engagements, some residents said they were yet to see the new notes and urged the RBZ to ensure financial discipline to guarantee currency stability.

“You said US$1 is equivalent to ZiG13. Please address issues related to the black market, we want this money to be used in a proper way,” said an elderly man who identified himself as Mr Mwinde.

“We want this currency to end poverty, we don’t want the currency to be circulating among money changers when the majority of citizens can’t access it. This is our country together, we fought for it.”

An RBZ official, Dr Khumbulani Shirichena, said the Apex bank was satisfied with how the public was embracing the new currency.

“We have seen wider acceptance and optimism to embrace the ZiG, particularly as it is providing change to the transacting public.

“The introduction of the ZiG notes and coins is providing relief, especially to the commuting public. We also explained that the new currency, which is backed using gold among other country’s minerals will bring currency stability,” said Dr Shirichena.

He said teams have been deployed across the country to ensure the public has a better understanding of the new currency, which is now circulating in full force.

“We have deployed RBZ teams working with the Ministry of Information, Publicity and Broadcasting Services and Parliament to all the 10 provinces in the country on an awareness and sensitisation programme to the public on the new ZiG currency.”

Dr Shirichena said their teams were providing information on the features and denominations of the bank notes while also explaining how the country transitioned from the Zimbabwean dollar and how the conversion to ZIG was done.

Information, Publicity and Broadcasting Services Deputy Minister, Dr Omphile Marupi, said citizens should embrace the new currency as it amplifies the Zimbabwean identity while ensuring the development of the country

“Citizens need to embrace ZiG because even when you look at other countries that are developing they are doing so using their own currency,” he said.

“There is no country that can develop without control of their currency or relying on foreign currency. For the country to rise to the levels of other countries, we need to use our currency,” said Dr Marupi.

“ZiG is like our surname in the family, everyone wants to be called by his surname and totems and not that of a neighbour. That is part of our identity. We have pride in our totems, so let’s embrace the ZiG like our totem.”

He said the awareness campaigns being undertaken will ensure that no one is disefranchised in the usage of the new currency.

“By reaching to rural areas, we are doing that, so that we don’t leave anyone behind in line with President Mnangagwa’s development philosophy that no community and place should be left behind,” said Dr Marupi.

“We are engaging rural communities because this is where a lot of trade is taking place. People are buying and selling cattle, they are selling tobacco and we are advancing the industrialisation of rural communities. So, they don’t have to be left out in the usage of the local currency.”

He said the involvement of the ministry was critical as it is the arm of the Government mandated to ensure the public has access to information. While community campaigns are being done, the Deputy Minister said the media plays a critical role in educating the public about the currency.

Today in Matabeleland North, the teams will be in Binga’s Siabuwa before heading to Lusulu on Friday and Hwange and Victoria Falls on Saturday and Sunday. Tsholotsho, Nkayi and Bubi Districts will be covered next week.

National Council of Chiefs president, Chief Mtshane Khumalo said the RBZ and other stakeholders should educate the public on the new currency.

He said it is not just the rural communities who need to be taught about ZiG but the general public who have not fully grasped how it is operationalised.

“A lot still needs to be done, the people are still not aware of how to use the currency. So, if there are campaigns to educate the public on the currency, it will come in handy for them,” he said.