Zimbabwe’s Finance Minister Mthuli Ncube has mandated all government agencies to embrace the newly introduced gold-backed currency amidst reports of severe shortages.
In a statement, Mr. Ncube declared Zimbabwe Gold (ZiG), rolled out last month, as the official currency for transactions within the country.
He announced plans to implement regulations ensuring adherence to the official exchange rate, determined by the banking system’s demand and supply dynamics.
“All ministries, departments, and agencies (MDAs) and the private sector alike are hereby advised to accept and recognise the ZiG as the official currency for all financial transactions, and payment for all goods and services, effective immediately,” the minister emphasized.
The introduction of this currency aims to stabilize Zimbabwe’s economy, which has been grappling with rising inflation.
However, despite the circulation of new notes since late last month, reports from the New Zimbabwe news website indicate persistent shortages and scarcity of change.
This marks the third currency introduction in Zimbabwe in the past decade, reflecting ongoing efforts to address economic challenges.
