Categories: Stories

23 questions and answers on Zimbabwe’s new currency

The Reserve Bank of Zimbabwe has published 23 questions and answers about its newly introduced currency, the Zimbabwe Gold (ZiG), in an effort to educate the public before releasing notes and coins at the end of this month.

ZiG is facing a lot of scepticism as its predecessors have all been trashed with the Zimbabwe dollar falling from just over 6 000 to the United States dollar at the beginning of January to more than 30 000 by 5 April when the new currency was introduced.

Although Zimbabwe says it will maintain the multiple currency system for the next six years, the United States is now dominating the market.

The government will therefore have to introduce measures to ensure that it increases demand for the local currency.

So far the only measure announced is corporate tax where companies have to pay half their taxes in the local currency.

Continued next page

(612 VIEWS)

This post was last modified on %s = human-readable time difference 10:24 pm

Page: 1 2 3 4 5 6 7 8 9

Charles Rukuni

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

Recent Posts

ZiG firms against US dollar for 10 days running but people still do not have confidence in the currency

Zimbabwe’s new currency, the Zimbabwe Gold (ZiG), firmed against the United States dollars for 10…

November 16, 2024

Zimbabwe among the top countries with the widest gap between the rich and poor

Zimbabwe is among the top 30 countries in the world with the widest gap between…

November 14, 2024

Can the ZiG sustain its rally against the US dollar?

Zimbabwe’s battered currency, the Zimbabwe Gold, which was under attack until the central bank devalued…

November 10, 2024

Will Mnangagwa go against the trend in the region?

Plans by the ruling Zimbabwe African National Union-Patriotic Front to push President Emmerson Mnangagwa to…

October 22, 2024

The Zimbabwe government and not saboteurs sabotaging ZiG

The Zimbabwe government’s insatiable demand for money to satisfy its own needs, which has exceeded…

October 20, 2024

The Zimbabwe Gold will regain its value if the government does this…

Economist Eddie Cross says the Zimbabwe Gold (ZiG) will regain its value if the government…

October 16, 2024