https://en.sputniknews.africa/20240711/zimbabwe-must-use-zig-to-break-free-from-us-dollar-grip-and-thrive-economically-official-says-1067457800.html
Zimbabwe Must Use ZiG to 'Break Free From US Dollar Grip' and Thrive Economically, Official Says
Zimbabwe Must Use ZiG to 'Break Free From US Dollar Grip' and Thrive Economically, Official Says
Sputnik Africa
Earlier, President Mnangagwa underscored the necessity of Zimbabwe having its own currency, arguing that any sovereign nation should not heavily rely on... 11.07.2024, Sputnik Africa
2024-07-11T15:52+0200
2024-07-11T15:52+0200
2024-07-11T16:27+0200
sub-saharan africa
zimbabwe
southern africa
emmerson mnangagwa
united states (us)
us dollar
saudi arabia
economy
gold
zimbabwe gold (zig)
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Using the ZiG as legal money will boost economic sovereignty and eliminate foreign currency dependency, Information Secretary Nick Mangwana said in an opinion piece published in the local newspaper.Planning and growth require economic stability and predictability, which the ZiG has delivered since its establishment. Its stable exchange rate with the US dollar and broad appreciation have allayed initial policy-shift fears.Zimbabwe aims to diversify its economy away from the US dollar, following the example of countries like Saudi Arabia, which has started trading oil in other currencies.Zimbabwe has already taken steps towards de-dollarization by introducing the new international currency code, ZWG, which could increase the ZiG's value and popularity both domestically and internationally. Although concerns about losing savings and purchasing power persist, the current administration has demonstrated the fiscal discipline necessary to guide the country towards a stronger, more independent economy.
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zimbabwe, southern africa, emmerson mnangagwa, united states (us), us dollar, saudi arabia, economy, gold, zimbabwe gold (zig), bank, banking, currency, alternative currency, finance
zimbabwe, southern africa, emmerson mnangagwa, united states (us), us dollar, saudi arabia, economy, gold, zimbabwe gold (zig), bank, banking, currency, alternative currency, finance
Zimbabwe Must Use ZiG to 'Break Free From US Dollar Grip' and Thrive Economically, Official Says
15:52 11.07.2024 (Updated: 16:27 11.07.2024) Earlier, President Mnangagwa underscored the necessity of Zimbabwe having its own currency, arguing that any sovereign nation should not heavily rely on foreign currency. Zimbabwe introduced Zimbabwe Gold, also known as ZiG, on April 8, 2024, to possibly adopt ZiG as its sole currency before 2030.
Using the ZiG as legal money will boost economic sovereignty and eliminate foreign currency dependency, Information Secretary Nick Mangwana said in an opinion piece
published in the local newspaper.
"The benefits of de-dollarization far outweigh the costs, making it an urgent imperative for Zimbabwe to break free from the US dollar’s grip," he said. "The US dollar’s dominance in global trade and finance has long been a double-edged sword," the official underlined.
Planning and growth require economic stability and predictability, which the ZiG has delivered since its establishment. Its stable exchange rate with the US dollar and
broad appreciation have allayed initial policy-shift fears.
Zimbabwe aims to diversify its economy away from the US dollar, following the example of countries like Saudi Arabia, which has started trading oil in other currencies.
Zimbabwe has already taken steps towards de-dollarization by introducing the new international currency code, ZWG, which could increase the ZiG's value and popularity both domestically and internationally. Although
concerns about losing savings and purchasing power persist, the current administration has demonstrated the fiscal discipline necessary to guide the country towards a stronger, more independent economy.
