Africa-Press – Zimbabwe. Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu has dismissed claims that most citizens have rejected the Zimbabwe Gold (ZiG) currency.
He boldly claimed that the use of the local currency has increased from 20 per cent to 30 per cent of total transactions since he took office.
Speaking on a special edition of ZTN’s “Beyond the Dollar” podcast on Friday, Mushayavanhu acknowledged that Zimbabwe is still using multiple currencies but stressed that the long-term goal is to phase out foreign currencies and transition to 100 per cent ZiG usage by 2030. He said:
It is not true that the ZiG has not been widely embraced. Remember, we are in a multi-currency regime, which means you can use US dollars or any other currency or the local currency — ZiG.
What we have seen is that currently, 30 percent of the transactions that are being done in this country are being done in ZiG and 70 percent are being done in US dollars.
When I came in, the ratio was 80:20 — 20 percent of the transactions were in local currency and 80 percent of the transactions were in foreign currency.
By 2030, we want the ratio to be 100 percent ZiG and zero percent foreign currency. So, as far as adoption of ZiG is concerned, I can tell you that the figures are showing that it’s increasing.
Meanwhile, petroleum products in Zimbabwe are sold exclusively in foreign currency, while certain government departments, such as the passport office, also offers service to the public solely in foreign currency.
Civil servants receive part of their salaries in ZiG, thereby leading to a forced adoption of the local currency.
Similarly, small traders who frequently deal with low-value transactions are compelled to use ZiG for small change.
For More News And Analysis About Zimbabwe Follow Africa-Press
