Zimbabwe’s Finance Minister Mthuli Ncube has issued a directive for all government bodies to embrace the newly unveiled gold-backed currency, Zimbabwe Gold (ZiG), amidst reports of critical scarcity.
Ncube emphasized in an official statement that ZiG, launched just last month, now holds the status of the nation’s official medium of exchange for all transactions.
Furthermore, he announced forthcoming regulations to ensure adherence to the official exchange rate, which will be determined by the banking system, reflecting the principles of demand and supply.
“All ministries, departments, and agencies (MDAs), as well as private enterprises, are instructed to acknowledge and accept ZiG as the authorized currency for all financial dealings and purchases of goods and services, effective immediately,” the minister stated.
The introduction of this currency aims to address the economic instability faced by the nation, characterized by soaring inflation rates.
Despite the circulation of new notes since the end of last month, reports from the New Zimbabwe news outlet highlight persistent challenges with change shortages and scarcities.
This marks the third currency introduction in Zimbabwe within the past decade.
