https://en.sputniknews.africa/20240816/zimbabwe-adopts-strategic-de-dollarization-roadmap-shifts-to-gold-backed-zig-1067891650.html
Zimbabwe Adopts Strategic De-Dollarization Roadmap, Shifts to Gold-Backed ZiG
Zimbabwe Adopts Strategic De-Dollarization Roadmap, Shifts to Gold-Backed ZiG
Sputnik Africa
Zimbabwe unveiled its blueprint for promoting economic stability and de-dollarization by adopting the gold-backed ZiG to reduce its dependence on the US... 16.08.2024, Sputnik Africa
2024-08-16T21:32+0200
2024-08-16T21:32+0200
2024-08-16T21:32+0200
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Zimbabwe Adopts Strategic De-Dollarization Roadmap, Shifts to Gold-Backed ZiG
Sputnik Africa
Zimbabwe unveiled its blueprint for promoting economic stability and de-dollarization by adopting the gold-backed ZiG to reduce its dependence on the US dollar. President Emmerson Mnangagwa has expressed confidence in the new currency's potential to become the nation's sole legal tender by 2026, outpacing the initial 2030 timeline.
Historically, Zimbabwe has relied on its national currency to drive economic development and competitiveness. However, due to fiscal setbacks, the country had to use the US dollar and other foreign currencies as a stopgap. With the southern African nation's introduction of its new currency, ZiG, gaining momentum as a viable alternative to the dollar, Zimbabwe can achieve financial sovereignty and long-term economic stability, Persistence Gwanyanya, financial expert and economist, also a member of the Reserve Bank of Zimbabwe's Monetary Policy Committee, told Sputnik Africa in an interview.To find out what else our guest had to say, tune in to the African Currents podcast, brought to you by Sputnik Africa.In addition to the website, you can also catch our episodes on Telegram.► You can also listen to our podcast on Apple Podcasts, Spotify, Deezer, Pocket Casts, Afripods, Podcast Addict.► Check out all the episodes of African Currents.
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podcasts, sputnik africa, emmerson mnangagwa, zimbabwe, de-dollarization, ditching dollar, us dollar, zimbabwe gold (zig), alternative currency, аудио
Zimbabwe Adopts Strategic De-Dollarization Roadmap, Shifts to Gold-Backed ZiG
Zimbabwe unveiled its blueprint for promoting economic stability and de-dollarization by adopting the gold-backed ZiG to reduce its dependence on the US dollar. President Emmerson Mnangagwa has expressed confidence in the new currency's potential to become the nation's sole legal tender by 2026, outpacing the initial 2030 timeline.
Historically, Zimbabwe has relied on its national currency to drive economic development and competitiveness. However, due to fiscal setbacks, the country had to use the US dollar and other foreign currencies as a stopgap. With the southern African nation's introduction of its new currency, ZiG, gaining momentum as a viable alternative to the dollar, Zimbabwe can achieve financial sovereignty and long-term economic stability, Persistence Gwanyanya, financial expert and economist, also a member of the Reserve Bank of Zimbabwe's Monetary Policy Committee, told Sputnik Africa in an interview.
"So, ZiG is the local currency, just like any other local currency. Its wide usage in the economy and circulation and acceptance would mean that even the economy would become more competitive. Even the economy can deliver growth beyond what dollarization can do. So that's exactly the reason why countries use their currencies. We can then address all the economic issues we face as a country today. We can address our debt challenges. We can address our external or balance of payment issues. All other issues are expected to fall into place on account of the usage of our own currency. That is on account of de-dollarization. That's why it has become a top priority today. We are currently in a state of rebuilding as a country," Gwanyanya says.
To find out what else our guest had to say, tune in to the African Currents podcast, brought to you by Sputnik Africa.
In addition to the website, you can also catch our episodes on
Telegram.► Check out all the episodes of African Currents. 
