Zimbabwe’s Finance Minister Mthuli Ncube has directed govt agencies to accept payments in new gold-backed currency amid reports of severe shortages
In a recent statement, Mr. Ncube announced that the Zimbabwe Gold (ZiG), launched just last month, is now the official currency for transactions within the country.
He emphasized that all government entities are mandated to accept payments in ZiG.
Furthermore, Mr. Ncube stated that the government would soon implement regulations to enforce adherence to the official exchange rate, which will be determined freely by the banking system according to demand and supply dynamics.
“All ministries, departments, and agencies (MDAs) and the private sector alike are hereby advised to accept and recognise the ZiG as the official currency for all financial transactions, and payment for all goods and services, effective immediately,” the minister added.
Introduced to stabilize Zimbabwe’s economy amidst escalating inflation, the new currency has struggled to alleviate acute change shortages and scarcity, as reported by the New Zimbabwe news website.
Despite its circulation beginning late last month, the currency marks the third introduced in Zimbabwe within the past decade.