By Evans Dakwa
As the Government continues the rolling out of the country’s new currency, the gold backed ZiG, Finance and Economic Development Minister, Professor Mthuli Ncube has called for a collective effort from all Zimbabweans especially key stakeholders to push for the acceptance of the new currency.
Professor Mthuli was speaking to the media through a press statement urging the fourth estate to publicise the ZiG in order to promote acceptance and adoption by the market.
“We call upon all MDAs and the private sector including retailers and service providers to accept the ZiG in all financial transactions including payments of salaries as well as for procurement. This collective effort will contribute to the smooth transition towards a more stable economic environment,” said Minister Mthuli.
He also said there is no justification for business to use any other exchange rate outside of the official one as the Government has enough foreign currency reserves to satisfy bonafide and legitimate requests for forex made through the banking system.
“Government has introduced a liberalised foreign exchange market where the exchange rate is freely determined by the banking system based on demand and supply. This is supported by a pool of gold and foreign exchange reserves at the RBZ which is more than adequate to back the local currency money supply in circulation.”
“Since the exchange rate is market determined, there is no basis for public and private organisations and economic agencies to use any other exchange rate in the pricing of their goods and services other than the prevailing interbank foreign currency selling rate as published by the RBZ,” he added.
The Minister also hinted that government is in the process of coming up with measures and regulations necessary to ensure the official exchange is reflected in all pricing of goods and service. The ZiG has faced a torrid time in the market as players have been tentative in accepting it with most adopting a wait and see attitude.