ZIG currency: A hit or miss for the people of Zimbabwe?
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- เผยแพร่เมื่อ 2 มิ.ย. 2024
- Zimbabwe has announced its adoption of a new currency that is backed by Gold. The currency is currently said to be trading stronger than the rand. ZIG, which is short for Zimbabwe gold, was rolled out to replace the Zimbabwean Dollar which has been struggling in value for years. Is this a hit or failure for the people of Zimbabwe?
Spokesperson for the ZANU-PF Farai Marapira and Trader and founder of Herenya Capital Advisors, Petri Redelinghuys unpack this.
Tune into Newzroom Afrika DStv channel 405 for more.
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"These days when the world chooses to zag, Zimbabwe chooses to ZiG..." This should have been the opening statement for such marvelous and exciting news! Viva Great Zimbabwe ✊🏿🇿🇼
As a South African i would invest my all in the ZiG✊🏿✊🏿✊🏿✊🏿✊🏿
U guys again sho...
@@busisiwehlophe3422 Imagine investing in Bernie Madoff or Sam Bankman Fried even after they were caught?
Don't invest my brother
You are making a biased political statement.
Be careful
Well explained by Petri. Thats the actual thing and reality this ZiG is a very good thing. It needs good management and people of Zimbabwe to embrace it.
To my understanding, the ZiG currency will be rolled out after the 30. April when all the old currency have been pulled in and exchanged. Zimbabwe has made Africa real proud. Salute
Farai respect people of Zimbabwe tell your boss to do the right thing
Let's watch and see. Any good initiative is a good one and any development brought forward is accepted as long as it benefits the people.
Onward and upwards! Gold backed currencies. Let's go 🎉
Only in Zimbabwe
Thanks to those two gentlemen they both explained it all satisfactory
Doing the same thing 10 times expecting a different result that's stupidity
The other currencies didn't have gold.....we are zigging here
@@Seth-kt5bz what happen to gold coin. Everything start from fuel if yuu say zigg cant buy fuel who are yuu trying to fool here pluz dont ever trust those thugz 2 .5 tones very little for back provided
Can't you see this is a new initiative or you don't even follow
Why wear Zanu pf shirt on national issues.
A miss how much gold does Zimbabwe have to back its currency? They just rushing things so that they can get chikwereti from the IMF
Blah... Blah.... Blah.... If ZANU-PF wake up tomorrow and decide they want to, they can drive down to the Reserve Bank and load that gold up in about 45min. Do you know who ZANU-PF are?
great move zimbabwe
Can Zimbabweans use this currency outside Zimbabwe? If so a hit, if not so a miss.
We cant buy fuel or pay for passports with it, do the math
@@tendairobsonchiwara7443 I am very sorry to hear this. I am sure they are going to improve it.
@@shopekassie good answer, They should start somewhere.
Great question, the white shirt with pictures dude won't like such questions.
fair comments from the mlungu wasnt expecting that
Dankie Fatso,i impressed.
Does Zimbabwe have the national infrastructure to support the implementation of a Gold standard?
It is sad that Zimbabwe is still broke, after so many years, why are there so many Zimbabweans coming to South Africa??
Those questions are not liked. 😂
@@jimmycricket5366😂😂😂
They will tell you about Thabo Mbeki😂
Because their economy is in ruins. They produce nothing and import everything. Even their mining produce is exported to China to pay of their huge debt and financial problems
It's a big Mercy for us as Zimbabweans how can you print money that doesn't buy Petrol and also it won't work at passport office so if is real money why they don't accept it to those sectors
Hey we've been using multicurrency business chooses their preferred currency others accept local others don't by current law it is just that any currency works besides there is fuel stations that accept local money
From SA, Everything start somewhere brother, This is the right direction don't be discouraged.
They will start accepting it don't worry...be positive
Gold is one of many things that back currencies. However, the fundamentals of a country's economy must be strong to stabilize the currency too and the people must have confidence in it. By economic fundamentals I am referring to things like a Good Fiscal policy, maintaining a Favorable Balance of Trade over a long term and a reduction of trade deficits, a vibrant manufacturing sector etc. In Zimbabwe's case Gold is a good start but the gold reserves are worth US$285 million and that is not sustainable long term considering the price volatility of Gold as a commodity in the market.
We have suffered and suffered. Zanupf please go i beg.
So did it need to wear a shirt with a print of of Dambudzo. Did he need to stamp it himself on every cloth..to be recognised.
Kutambudza vanhu
Exactly, it tells you all you need to know. Funny how there have been so many iterations of currency... All failed. Oh she forgot the "Special Agro Cheque" which was yet another failed Zim currency!
🎉🎉🎉 hope his telling the truth 🙏🙏 pls father let it work
The Million dollar question!
Will the ZiG be tradable outside the Borders of Zimbabwe!?
Will it be accepted by the International communities in Payment of Goods?
Exactly
Of course it will go worldwide. Just like Petri said, it wont happen over night but since gold is universal, it is plausible that ZiG will be used internationally
@@eyenobong2109Nothing has changed. Two tonnes of gold is nothing. The same RBZ had five tonnes of gold from 1980 but foolishly sold it all in 2004.
Do you know what is called SKR, NI43-101 or JORC Reports. If not then why would you say it's little amount of Gold. I rest my case.
What l am not getting? Why are people so invested in the failure of the national currency. People are not appalled by the a country using another country's national currency. USD is USA 's national currency. NO COUNTRIES are being sustain by forex exchange without it's own currency. TWO many external interest in Zim .It's a geopolitical battle ground .
ZIG has conquered the Rand.Rand is not based on Gold.
Neither is the Zig. Do you just believe cheap talk with no proof or audit or anything.
@@jimmycricket5366 Exactly, the ZIG is backed by a lot of bullshit at this point, we don't need any audits to determine that.
I don't think so 🤔 I don't trust the ZIG because of the bad reputation of the Zimbabwean government .can't trust political conartist with my finances just like a farmer would not a wolf to look after their sheep ...
If Zimbabweans earn in rands, and its weaker than the ZIg, hallelujah, it will not be worthwhile for you people to be coming to South Africa. What you earn here would be of low value. We are happy, but knowing you lot, its all false again.
The idea is great they must just maintain the reserves and grow them then its all good.
Farai do you have the ZIG or USD in your pocket?
Managing the initiative is the key factor above all we can say.
It's trading strong now until they loot all the gold, lose all the gold or use all the gold to make nice jewelry, then it's back to 1 trillion notes before long. I give this currency until December before hyperinflation eats it up again.
It will still stay strong in 5 years if not stronger. The one trillion notes you are joking about was worth ca $18000000 by leading firms of the world a decade ago just as a reminder. What once was lost can be regained, what once forgotten can be relearned.....
Good News so Zimbabweans will go home and build their counttry sizoshaywa umoya baningi bo la Mzansi
Internet will never forget. Tichadzoka reduce a year down the line.. mismanaged economy, looted wealth.
And the zim$ is backed by what then?who but the finance minister should be giving such opinions....tragic so tragic
Tsek FAZ agents!
There's nothing to believe from these guys after committing so much genocide in Matabeleland these cursed devil's will never succeed in anything unless that issue has been resolved.
I am not buying any of this because the situation in Zimbabwe has worsened daily, the ZIG of yours won’t survive the massive levels of corruption in the regime, with looting of minerals, it’s nonsense to think that Zimbabwe is on the rise.
Always having excuses of sanctions
If it is recognises across the globe then he can talk about facilitating trade.If not he is day dreaming
Who stopped you from having your own currency, what happened to all other currencies that ZANU PF launched??
A shameful gvt.
We need to hear these conversations coming from the right candidates dont interview these FAZ thugs here pliz
We need the zig in south Africa. The rand has gone to shit. Gold backed is 100% better then any fiat currency that was used before. The zig will just go up in value as time goes on.
BRICS Currency is coming. Hold your horses bro.
The Zig is not gold backed because it cannot be redeemed for gold. It's really that simple.
@WarrenGaum Please read Economics Textbook to see that that's not how things actually work.
Mr marapira the Pont is wat is the conference on zig ?????
Currencies are backed by productivity so its a miss..currently there is no production in Zimbabwe and no gold can back a currency the reserves are empty because you have been looting since 1980
Economy is backed by productivity and not currency. Currency is backed by precious metals and natural resources and Zimbabwe has enough so pls safe your energy
People are loosing a lot cos of overdependence on USD
Just remove plenty USD from the market only for Imports
Make Zig Acceptable everywhere
Have Notes equivalent to USD
The world misses the point. It's not the currencies Zimbabweans have no confidence in, it's the Government and the ruling party the people are not confident in, therefore they will reject whatever the Government offers them. If the ruling party allowed for free and fair elections which they win openly without all the shenanigans that perennially follow after every election process, Zimbabweans will happily embrace ZANU PF and will work with them to develop the country. We're backing our currency with gold just over a year after the big Gold Mafia scandal that officials never really explained how it was happening. No credible audit was done on it nor was there a single official statement given by the Government on what the Gold Mafia was all about. How can people then trust these future audits of the Reserve Bank this young man is talking about? There is systematic looting of all other minerals by the very Government officials who are persuading us into this new currency. No one knows how much the country has made or lost from the diamonds. Artisinal lithium miners had the army and police confiscate millions of tons of their ore for nothing recently. The very gold mines themselves are not safe from being forcibly taken over by high ranking ruling party members themselves as we speak. Then there is the general mismanagement of day to day running of Government and the impunity corrupt officials seem to have. So, yah, you see, it's not about the currencies!
Good for Zimbabwe but I think now is just an introduction, Like BRICS Currency it's 6 years now still waiting for the Financial advisors to update us, if it's available to trade. ZIG is the same Kruger rand?
No it's not at all like the Kruger Rand. It's also not gold backed because you cannot redeem the Ziggy for actual gold.
As desirable as gold is, the biggest problem will lie in its inability to be ported across borders in significant quantity. It is also very hard to store. Gold is old analogue tech in a digital age. Bitcoin is the present and future.
BitCoin what what will not replace Gold, Why are central banks bying Gold if its not the future, Crypto is Future yes but will never replace Gold
@@immortalityreigns6352 Bitcoin does not 'replace' Gold. Gold will still be valuable as an industrial metal and ornament. But not as a store of value. Its history of manipulation by central banks is well documented. But guess who Bitcoin replaces? Central banks. The ability of unelected men to create currencies out of thin air is destroyed by Bitcoin. Money is now separate from the state, groups and agendas. Value is neutral again in bitcoin, because it has a fixed supply and is not censorable. Have a great day.
@@immortalityreigns6352 Bitcoin replaces central banks.
Which turning around which Farai is talking about..
As long as that country is ruled by zanu pf nothing will work
Is this Farai telling the world that zig is currency?does it mean one can come in SA with visa card,and withdraw money on ATM, if not then uuuuum shame,
Still going on air and just try to lie,of which that is why Zimbabwe CA not get help from other countries, let's accept we messed up,we need help😮
"The more that gold goes up, the more the ZIG goes up!" If the relationship of gold to currency remains constant, that is true.
Sadly, the same applies in reverse. There is no guarantee gold will increase or retain it's value (vs. inflation), witness the last 100 years and gold's performance.
These zpf apologists will never oppose anything done by their evil government
Interviewing a ZANU kid is not the BEST way of analysing Zim finance. By default this guy will be biased 😒..and you reporters, this is what you looking for. This is not a ZANU currency but a country's so look for the right candidate please
I know it's crazy. Like asking the fox if he likes eating chicken, as if the answer might be something different.
@@jimmycricket5366 Exactly!!!, it's crazy and I think these news platforms do this purposely.
Why didn't just back the zwl with the same thing (gold and foreign currency reserves) you claim backs ZiG?
No the amount of gold backing the money supply is so little as to be completely irrelevant. It’s a crock of shite. Imagine a normal Zimbabwean an actually thinking this is better than anything before.
Nope it’s another band aid on a bullet hole.
Watch this space…
Sad that people have hope in the hopeless.
Hope in the hopeless? Do you know how rich Africa is, if we had good leaders and management? You don't know what you are taking but its normal, there are always ill-wishers
Just get an Indian Finance minister and am telling you many countries would adopt the Zig Zig and please no looting the Zig ....we are heading the right way Farai
I HOPE SOUTH AFRICA CAN ATTACH OUR TOP MINERAL RESOURCES TO OUR RANDS .WE CAN USE GOLD 💎 PLATINUM MANGANESE COAL SILVER URANIUM LITHIUM AND MANY OTHERS .WE HAVE GOLD RESERVES IN ABUNDANCE .SO MINISTER OF FRANCE ENOUGH GODONGWANA MUST ALSO PUT SOUTH AFRICAN GOLD TO OUR CURRENCY .
We want manufacturing sector especially lithium
Nothing wrong with the currency. The people are the problem. What are they going to trade with?
RBZ representative OR ZANU PF representative MY god please help
Zim good good move on
Dustee pwipwipwi
One mistake politicians make is equating Economic growth to Economic Development. Those are 2 very different concepts.
The right individual (economist) was supposed to be given the platform not this Zanu guy coz he sings for supper
We are tired with these toilet papers am sorry but we are fu*****n tired do they use this shit money themselves? creating rubbish for poor people all the time Nonsense, Makore mangani muchingochinja currency ?
😂😂😂which top 5 are you talking about farai,haunyari here nhaiwe,how many youths are not working,how many Mines are operational fully? Do you ever walk in towns and see how people are struggling? Yooo shame,ibotso
It's just hot air.
Zig now after 1month zag.
Liars
Why Are The Reporter Ask The Same STUPID QUESTION... The Man Just Told You Why This Currency Should Work Because It's Gold Backed And Not Speculation 😂😂😂 And She Asked A Stupid Question 🙄
But it's actually not gold backed because you can't redeem it for gold. It's that simple. Also, I want to know the name of the independent external audit firm who will send a team and assayers to do the external audit. He should tell us now. We want a team from one of the top five audit firms in the world.
Lots of lies there, Zimbabwe is not in the top 5 growing economies in Africa, not even in top 10
Zim move on okay yes
When last did you hear of anything successfully invented in Africa? Not my opinion, simply a fact....NEVER....
If not your opinion then plz shut up
Good good RAMA peee and and
Farai what have you been smoking
Shame. Both these guys are clueless.
There's nothing more painful that listerning to a ZANU PF mouthpiece spouting such nonsensical propaganda. ZIG will follow its predecessors as yet another failed attempt to con people of their hard earned US$.
You know some Zimbabweans have told me the exact same thing .everytime zim changed their currency was an attempt to con the Zimbabwean people of their USD
@@rsacitizen6151The lady reporter forgot to mention Zim's "Special Agro Cheque" which was yet another failed currency in the 2000's. 😂
@jimmycricket5366 eish never knew about that one but it's just another way to con their people out of their hard earned money
Bla bla zig will never work,and your banking system has collapsed, whose going to bank in Zimbabwe? Who who
You have being changing currencies left right and right
Can't even pay me what owe me?
😂😂😂😂 Zimbabwe is not a 47billion dollar economy. That’s the biggest joke in history. It’s probably 15 billion if not less. Zimbabwe is made up of informal traders. While some manage to earn decent livelihoods in Zimbabwe, 90% of informal traders struggle to sell their products and it’s extremely common to sell absolutely NOTHING in an 8hour day. If Zimbabwe was a 47 billion dollar economy, we would be one of the richest countries in Africa because population is only 16 million. I wouldn’t be surprised to hear we are just a 10 billion economy
@aezean5618,just Google searched,yes zimbabwe is a 47 billion dollar economy. Just Google search ( breaking down the 3 trillion dollar african economy by country. zimbabwe is the number 16 richest country in africa. You are Zimbabwean and u looking down on your country.
Scam pyramid
Nyika inovakwa nevene vayo
I would definitely buy your currency
Stupid imbwa iwe
It will work, thanks Zim for backing Gaddafi,s plan zvinoita
As a South African, we should be following in Zimbabwe's footsteps... Zimbabweans are leading in local economy...
We have Krugerrand and BRICS Currency is on the way. Creating a currency is not simple, You have to make sure other countries accept it, but is good for them because these are the First steps.
Zimbabweans living rent free in SA’s minds 😅
And on SA land😂😂
Rent free??? Zimbabwe are eating my South African child's future food.
@@peacefulheart1431 ANC is doing that by sleeping with Zanu and opening borders
@@AndrewMcFarlane_1 and EFF as well
@@Ritesh-yy1zr EFF lives rent free in the minds of poor gogos
THE PEOPLE OF ZIMBABWE ARE SO SPECIAL AND WONDERFUL.
DR.DONALD LEE GRIM 82 VALENCIA PHILIPPINES
I HAVE PROPERTY THERE
DR.DONALD LEE GRIM 82
As a south African I congrats Zimbabwe
LOL.
@@karabomakwetla4626is your LOL based on ignorance or economics????...LOL
Corruption is the elephant in the room
It's easy to print money if you have your own money which zanu is an expert in.
And Zimbabwe isn't even in the top 10 of growing economies in africa..
The speaker is supposed to be an expert but he is spewing general stuff and looks like he's just had brandy😂