In a bid to ramp up the use of ZiG, the Ministry of Finance, Economic Development, and Investment Promotion has instructed all Government bodies to accept ZiG for all financial dealings concerning goods and services. This directive, effective immediately, aims to popularize ZiG in the market.
The Minister of Finance, Economic Development, and Investment Promotion, Professor Mthuli Ncube, clarified that embracing ZiG payments complements the Government’s efforts to modernize its Public Finance Management Systems (PFMS). This move is geared towards rebuilding trust in the financial sector and fostering a business-friendly atmosphere.
President Mnangagwa highlighted the necessity of using the country’s own currency for economic prosperity. This initiative has garnered support from forward-thinking Zimbabweans, countering criticism over Government fees charged in USD.
Furthermore, the Government has opened up the foreign exchange market, allowing banks to determine exchange rates based on supply and demand. This step aims to deter currency manipulation and protect the public.
ZiG is backed by ample gold and foreign exchange reserves, ensuring sufficient currency circulation. The private sector is encouraged to align with this initiative by avoiding pricing goods and services solely in foreign currency.
This move by the Government strengthens efforts towards economic stabilization, an ongoing process. The recent pricing of fuel in both USD and ZiG by the Zimbabwe Energy Regulatory Authority (ZERA) has bolstered confidence in the local currency.
Zimbabweans are urged to stand together in this endeavor for economic stability. Unity is key to the nation’s progress!
