“Those Who Try To Sabotage ZiG Will Be Maimed” – GVT

Date:

Facebook10
X (Twitter)210
LinkedIn10
Share
10
Follow by Email10
Copy link

ZIMBABWE – HARARE: In a bold move to ensure the new ZiG currency doesn’t become just another fancy paperweight, the Zimbabwean government is set to extend its crackdown from street currency traders to corporate bigwigs. The aim? To ensure goods and services are priced strictly according to the official exchange rate of the freshly minted ZiG currency.

Finance Minister Mthuli Ncube, sounding more like a determined school principal than a finance minister, informed lawmakers in Harare, “We need to enforce this all along the value chain, from manufacturer to wholesaler to retailer.” According to a transcript on the parliament’s website, he added, “I’ve already instructed the financial intelligence unit to get cracking on this.”

This latest maneuver is part of the ongoing effort to make sure the ZiG doesn’t join the ranks of Zimbabwe’s previous six failed attempts to establish a national currency over the past 15 years. Historically, the US dollar has been the undisputed champion, handling over 80% of transactions in the economy.

The ZiG, short for Zimbabwe Gold, took the stage on April 5, replacing the beleaguered Zimbabwean dollar, which had taken a nosedive, dropping 80% against the US dollar this year before being unceremoniously dumped. The new currency boasts the backing of 2.5 tons of gold and $100 million in foreign exchange reserves held at the central bank, because why not?

The crackdown isn’t just targeting companies. Street dealers, accused of currency speculation, are also in the crosshairs. Over 200 have been arrested, and 90 bank accounts suspected of being used for shady transactions have been frozen. In a modern twist, street currency traders have shifted their operations to WhatsApp, only dealing with trusted clients to avoid the long arm of the law.

Stabilizing the ZiG is crucial for building confidence in the new currency, both as a medium of transaction and a store of value. “Speculation is unjustified,” Ncube declared. Since its debut, the ZiG has been relatively steady, trading at 13.40 to the dollar on Thursday, mirroring the previous day’s rate.

In a final twist, the government plans to boost the adoption of the ZiG by making it mandatory for the payment of certain taxes and fees. Ncube teased, “We are working on that and will soon announce which taxes will be payable only and solely in ZiG currency.” So, get ready, Zimbabweans – your tax bills might soon be gilded with a touch of ZiG.

Facebook10
X (Twitter)210
LinkedIn10
Share
10
Follow by Email10
Copy link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

spot_imgspot_img

Popular

More like this
Related

Ndakachibata Kuti Dzvi—Unpacking Wicknell Chivayo’s State capture audios

By Luke Batsirai Tamborinyoka When the late legendary music icon...

Finally: Chitungwiza Town council secures investor for the Masterplan

CHITUNGWIZA - The Municipality of Chitungwiza has announced the...

Makoni Investigator Trys to End Life

MASHONALAND EAST - A senior police officer at Juru...

Missing Malawi Air Force Plane Carrying Vice President Found, No Survivors

LILONGWE, MALAWI - The wreck of a plane carrying...