Zimbabwe launches new currency backed by gold
ฝัง
- เผยแพร่เมื่อ 8 มิ.ย. 2024
- On Friday, Zimbabwe took a significant step in its economic journey. It announced the launch of a new currency, the ‘’Zimbabwe Gold’’, which is backed by a basket of foreign currency and gold. This move comes amid soaring inflation and a long-standing struggle to stabilise the economy.
Central Bank Governor John Mushayavanhu revealed the details of this transformative initiative in a press conference held in the capital city, Harare.
CEO of Sugar Creek Wealth, Gerald Mwandiambira delves into the implications and intricacies of this decision.
Tune into Newzroom Afrika DStv channel 405 for more.
Long live the spirit of Zimbabwe and her children. The people of Zimbabwe have suffered a lot.
We don’t need new currency, we need new Government,new Leaders,new Zimbabwe,that’s all can make that country better
Exactly! Stop experimenting with currencies. Production and real wealth creation is from hard work, not make believe nonsense.
Kutonge Ani bcz your Chamisa is missing in action
Thank you Newzroom Afrika for explaining this new Zimbabwe ‘ZIG’ gold-backed Currency🇿🇼 It means a lot to hear the true facts about something new; especially regarding money and health💰❤️ We only have The US DOLLAR in America (no other currency is used). Anywhere we go in US, it’s the same currency; the banks distribute only US Dollars and coins💵
Until the currency can be redeemed for physical gold the trust will not be there!
Zim have great gold deposit but you cannot trust the politician they can change their narrative in the 11th hour, I would rather have gold coin or buy gold stock.
But the currency is almost two times stronger than the rand , as we are currently speaking, it’s R1.70 = 1ZiG
@@BaseLineBillionaires888 it does not mean anything. Currency relies on trust. Until people can exchange their papers for physical gold, it will be just another attempt at a new currency.
Exactly. Talk, talk, talk is cheap
@@BaseLineBillionaires888 Some bright fella simply sucked his thumb and said, "hey! lets make our currency stronger than the Rand, how's R1.70 = 1ZiG sound to you all!!!" Street money changers in Zimbaland will give you R0.5 for ZiG
It will be good for Sadec to use a Regional currency, that will strengthen economic benefits from all members states
Zimbelites won't allow that because that would be tartamount to taking the cash register away, with their monopoly mmoney they can keep the facade in their fifdom.
And what's taking these useless corrupt sellouts so long and better yet a diasporic currency printed in Africa to be spread to the citizenry like water
No it won't. EU has shown it only helps certain economies. Local polices are more important to determine if such changes will mean anything. Greece and many smaller EU countries are a good example. SADC won't be any different
That idea is good in paper. Having one currency involves making similar decision to control the currency like agreeing to establish centralized continental reserve Bank.
@@MaphulaneKgasi-uy3ci it's only despots who worry about which of their hideous pictures on those bills they gonna shove down the throats of the sheeple otherwise that would be the least of their worries
It will have some positive effect but not significant.
It is the economy that strengthen the currency not the otherway round.
It's not the economy that strengthens currency.
Well the debt ridden countries wouldn't have strong currencies with not manufacturing or raw materials. Of course we will hear more "investment" . Which can't apply to African economics . It's called siphoning of resources as it does not generate revenue.
@@Accuface2000 so what is it, if not economy
@NQA1209 - A manufacturing base is just one of the factors of the economy. But the amount of Confidence in the currency, valuable resources and reserves you have in store play a huge role. Example, America has vast amounts of untouched oil reserves imported/stolen from other countries which prop up the petrodollar. People around the world have confidence in the US dollar as well because American banking / investment programs are attractive, reliable and professional. Of course, America has a huge manufacturing base as well but it doesnt have a huge bearing on the currency like other factors. Botswana has no manufacturing base, they have valuable resources (diamonds) and good reputation in economic management. Currency backed by Gold can work if the country has these reserves in vast amounts. But good economic management and transparency is needed to gain trust and make it work. Zimbabwe is very corrupt as hell, I doubt it will work. South Africa has a diverse market in manufacturing, investment, mineral resources as well as a transparent economic system which attracts lots of investors and opportunity seekers. China has the world's largest manufacturing base, but the Yuan hasn't taken over the world, although it managed to accelerate development domestically. China is now indisputably the most developed country in the world, followed by Japan. All thanks to their manufacturing base.
@@NQA1209 because of the fluctuating nature of a fiat currency, the currency and the economy will have push and pull effect on each other as the currency counts as an asset class irrespective of its value. Cheap currency attracts buyers(exports) as a the foreign currency goes a long way after the exchange rate. A strong economy in turn increases the demand for the currency for business or transaction purposes. In short, a currency is not money and that is one of the reason why is has a positive or negative effect on the economy. If your currency is "expensive" and not well managed on the upside, then that can hinder business. Hopefully you get the picture.
It’s a house of cards. In tinpot regimes, arbitrage & rent seeking is the name of the game.
Tell the truth my brother. We have walked this journey before, history always repeats itself unless we change our governance behaviour, do the right thing. Yes, it's good to have our own currency but not when the public has zero confidence in it, in the economy, when the fundamentals to back the currency are not there.
Well said sir. No shortcut. Hard work and honesty makes wealth.
We have never had a gold backed currency before
@@user-lt6or7sy9j Zimbabwe had five tonnes of gold in reserve from 1980. RBZ Governor Leonard Tsumba had the foresight and integrity to keep this gold to back the currency until Gino took over in 2003 and sold it all. This Ziggy is not redeemable in gold, so strictly speaking of is not gold backed, or not backed to any extent more than it was before Gono took over in 2003.
@@user-lt6or7sy9j Up until 2003 Zim had five tonnes of gold with which to shore-up its currency.
The RBZ governor charged $100 USD for people to attend the event. There's no way to raise the volume louder than this move in decampaigning the currency they're introducing.
The currency is not yet in circulation get your facts right wena
Grate grate Zimbabwe
I wish Zimbabwe every success with the implementation of their new currency.
We will be washing money from here on end
Good iniative on US de-dollarision ONLY. Unfortunate it wont work guys. ZIM economy is relatively too small and with zero manufacture base just consumption
A very good point you making there ...
It will work by the grace of God,
Don't be a false prophet
once the breadbasket of Africa..
Really
Breadbasket of Africa, SADC maybe given it’s relatively developed agricultural sector then & even that outside of South Africa was a low bar? Producing cash crops like tobacco and cotton for export and then importing food, how is that a breadbasket? That was a marketing gimmick or aspirational tagline like ‘Warm Heart of Africa’ or ‘giant of Africa’ or ‘rainbow nation’. The numbers don’t support it.
“Despite having vast amounts of arable land, nutritious indigenous crops and a booming agricultural sector, Africa still imports most of its grain.” Drought prone Zimbabwe was no exception then and now. Indigenous crops like sorghum, millet etc have been neglected in favour of mass production of foreign cereals like maize and wheat and promoting them as staples. "Research and development and mechanization have focused on maize, rice, and wheat, and producing them in large, mono-crop fields at the expense of the region’s biodiversity.” Pauline Chivenge, a researcher at the African Plant Nutrition Institute in Morocco rightly points out that grains like maize and wheat are not really suitable for growing in most regions of Africa, where water is in short supply.
Now a begging case. Don’t see much changing anytime soon.
@@NathanZar yes, really
Yes they must show use the money and gold first
Finally they have done it, that how an independent country should be, it is good that they have introduced their own currency, congratulations mother #ZIMBABWE
🤣 the level of sarcasm in your comment is hilarious!
@webbykapaku5113… you are so right; you must try in order to succeed. It takes more than one try to get something good working. But all over Africa, it seems each country is trying to leave the CFA and get their own currency. Now, is the time for each government (AU) should get together and come up with a single gold-backed currency. Why can’t African Leaders get together and create One CURRENCY⁉️
No gold backing is practical.
In Zimbabwe it's all about LYING at launch, then printing as much as you want along the way. The future will prove my comment right. See you 2years later
What is the rate of exchange to the ZAR
I see Zimbabwe become a top one functional country in Africa and investors that are investing here in South Africa will transfer their investments to Zimbabwe
Because South Africa is collapsing under ANC
Zimbabwe you should remove that QR code this is not a ticket it's a currency
Obsessed to turnish others even who assisted your kind,come down let Zimbabwe be without labelling south Africa
That;s just a specimen not the real thing wena
While I pray this succeeds I have no confidence it will, it seems the old men are just recycling the same idea.
You can't stimulate the economy by printing money.
What is that QR code for in currency? Is it a ticket?
Zimbabwe’s new currency trading stronger than the rand - for now
Zimbabwe’s new currency, the ZiG, strengthened a day after its debut, the central bank said.
The currency gained 0.2% to 13.53 per US dollar, according to data published on the Reserve Bank of Zimbabwe’s website on Tuesday.
The rand was trading at R18.47 to the dollar by 12h20 on Tuesday.
Could someone please explain why Zimbabwe, after so many years, refuses to adopt the RAND ZAR as its official currency and continues the practice of introducing new currencies annually?
Feeling themselves
Joining a currency union means that the military junta & kleptocrats in Zimbabwe will lose monetary policy independence. All their looting through quasi-fiscal activities by central bank stop. In a thievocracy they want to print as much money as they want without prying eyes. In a currency Union it’s not possible. Put it simply, it’s like asking a bank robber if banks should hire armed security guards, put panic alarms and timed lock on the bank vault.
Zimbabwe adopted the rand around 2009 along with the US dollar
Why would adopt a currency where the people hate us? Most South Africans dislike us plus it’s not our currency. We can’t print rands and the people here even before they started using the us didn’t really use rands. But this one is the first actual currencies. The other ones were placeholders because you couldn’t trade with it. And it’s not really annually. More like after every six years. I hope this explains it.
@@vanessagowora the US dollar is also much more stable and stronger than the rand.
Where have all the settlers gone long time everyone.
.... sung to the tune of "Where have all the flowers gone.
Listen to the Marlene Dietrich recording.
What are you trying to say?
The arrogance and disconnect. . The puffery of drunk pirates. I hope the song last long . The southern hemisphere winds are turning the seas. bon voyage settlers.
@@winnethdubeoly what the hell are we saying in here?😮
It’s an April fools joke guys , the whole country is being fooled
Backed up with Fools Gold
So are we buying zim currency as save heaven?
I'll say after a year buy a r100 worth of Zim dollar then after 12 months see what happens, for now this sounds dodgy 😂😂😂
Intrinsic value is found in precious metals not paper as its abundance of pulp aka trees deems it less in true value do we now realise that paper money is not actually real money?
With corrupt government like the one you have no one will have faith in this Gen Z backed currency.
😂😂😂😂😂😂 Zim needs a new government 😢😢
Not just a new government, they also need to obey the West. Otherwise, this will continue under a new government
We need to produce than import to starbilise our economy not these designed papers
True, very true.
True, indeed
Kumama chete no gold in reserves I's all stollen to beraluse
Umdidi wonke lona
Its better than 1million zim dollar note
The rich will still get richer and the poor will starve!!! 😢
Welcome to planet earth
Yooo Zim basket of currency😂😂😂Printing money
Having hope for Zimbabwe😢
You pay what you owe nobody will be enslaved
They should just use rands (ZAR) for now until the ZAR looses all it's value.
@@gordenmg4966I won't trust anything Zimbabwean they'll say there's gold backing it up and when you come to collect they'll be bringing some obscure policy naming it some indeginous something something😂
They won't give away their cash register that simple that's why they declined that offer back then.
Next south africa...with BRICS 😂
SADC must hv 1 currency
Africa as a whole should have 1 main currency they use to trade with each other and also the international market with countries keeping their domestic currency if they choose too
Haiwa ndeyekubhadhara nayo mvura ku kanzuro iyo se Bond zvovharana
Moona zvichishanda here
Crime will worsen in SA watch
1zimbabwe gold = 0.00000089 us$..
No gold is gold there's nothing like that.
Facts.
What is that going to help😂
Zim trying this Bricks currency before its a thing. SA gold gonna be under illegal threat and this entire thing sounds random
Zim zamazamas r going to be working overtime😂 SANDF and SAPS better stepup😂
And Fort Knox hasn’t seen an audit since the 1950’s and people want the dollar..??
Scratch my head.
Do you work there?
South Africa must introduce new currency backed by Platinum.
Platinum is not in high demand as gold who will want that currency? 😂😂😂
Our currency is liquid no need to back it up.
African currency printed in Africa backed by it's basket of resources
Platinum lol
Yo what negativ sentiment, and i did not hear any reason behind it. For the sake of the poor give it a chance, to them it's not a game.
The value of the ZiG is already being discounted by street money changers🤣
Civilazition on trail informs us that before world war 1&2 the value of currencies was precious metals,farm and animal produce thus Silver and Gold coins were minted as standard currency throughout the ages with bartering being common practice(the value of the item being same value or equivalent of that value)
I'll be convinced when Zimbabweans go back home
😂😂😂
😂😂😂
Simply Put this gentleman is not in favour of ZIG. So we are not going to get a simple answer of Zimdolar, South African Rand and ZIG in terms of exchange rates. This gentleman is invested in Zimdolar Period 😂☹️
Until the gold is stolen, and you're left holding Zim worthless paper 😂😂😂
🤡
Ohhh noo😂😂😂
He is talking rubish.. How does the people of Zimbabwe welcome the ZiG if yu talking dirt about it before it even released...
Mhazha yako
It's really laughable, where is the gold that backs the cash? And does it enter the world market? Can I buy them at a bank in Bangkok?😂
If you had kept quiet we might have thought you were smart.
In the Reserve Bank.
😂
@@shafiyaalgiquadra1105 Clearly !!!!!.......
At least some steps to be fully independent from the world bank. Gaddhafi was killed for this, so it means is a good solution. South Africa should follow suite especially since this is the direction of BRICS
So you think we will actually say how much gold we have don't make me laugh 😂😂😂 1ton is only backing up the current new currency zig zim have tons of gold but will never review it actual amount to the world 😂😂😂 you must be nuts is you think our government will actually do that I'm 100% backing up zig this is a big turning point in our economy and people need to accept it
Rubbish
zimbabwe is jokes man
Zimbabwe is a Joke...QR Code😂😂😂
I think it's a great security code. Supermarkets/retailers can have a QR code scanner to validate the genuineness of the note. instead of tilting and manny other other security excerises.
A QR code can be easily copied and pasted. @@boitumelospringbok
Embarrassment alert! Netherlands..Sweden..Ghana..Russia and Nigeria currencies have QR codes.
🤣🤣 zanupf are specialists in failure, this currency will loose value AGAIN just like the zim dollar, bearer's cheques, bond note and rtgs currency...
What about the SPECIAL AGRO CHEQUES ? 😂🤣😂🤣😂 NOW ZIGGY