{"id":95355,"date":"2024-06-14T11:00:15","date_gmt":"2024-06-14T09:00:15","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/have-confidence-in-zig-ed"},"modified":"2024-06-14T14:12:05","modified_gmt":"2024-06-14T12:12:05","slug":"have-confidence-in-zig-ed","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/have-confidence-in-zig-ed","title":{"rendered":"Have confidence in ZiG: ED"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>PRESIDENT Emmerson Mnangagwa has called on captains of industry to have confidence in the Zimbabwe Gold (ZiG) currency, which replaced the unstable Zimdollar.<\/p>\n

Speaking at the 10th CEO Africa Roundtable Annual Conference in Victoria Falls, Mnangagwa yesterday expressed confidence in the ZiG saying it was the doorway to currency stability in Zimbabwe.<\/p>\n

\u201cCurrently, we have introduced ZiG, which stands for Zimbabwe Gold. Our currency is now anchored on gold, a new approach to stabilising our economy.<\/p>\n

\u201cAs a head of State, I\u2019m not an economist, but I believe this move is a sound approach to achieving a stable currency. We have had a troubled past with our currency, experiencing inflation and economic instability,\u201d Mnangagwa said.<\/p>\n

\u201cBut we must remember our history and how we achieved independence through an armed revolution, supported by the East, not the West. I personally went through military training in China in 1963 and 1964, and that\u2019s how our struggle began.\u201d<\/p>\n

Mnangagwa said former Reserve Bank of Zimbabwe governor John Mangudya, under his instructions, saved 10% of monthly gold production for two-and-a-half years until the ZiG\u2019s introduction when the gold vaults were opened to the public.<\/p>\n

\u201cIt is crucial for us to understand our background and where we come from. With ZiG, our currency will be backed by gold reserves, which we have been accumulating for two-and-a-half years,\u201d he said.<\/p>\n

\u201cWe have been setting aside 10% of our monthly gold production and now we have enough reserves to support our currency. I\u2019m proud to say that we have achieved this milestone and I commend our efforts. Our currency will now be stable and we can move forward with confidence.\u201d<\/p>\n

The President implored the banking sector to create an environment that encourages a savings culture in Zimbabwe.<\/p>\n

\u201cFurthermore, financial service providers on the continent should be innovative and strive to foster more financial inclusion and intermediation between savers and borrowers through offering affordable products, that way encouraging savings from the general public,\u201d he said.<\/p>\n

\u201cBy ensuring that the banking public gets a positive return on their savings, more resources will be unlocked for on-lending to the productive sectors. This ultimately restores confidence in the financial services sector.\u201d<\/p>\n

Mnangagwa also called on Zimbabweans to remain true to themselves and be proud of their country without compromising their values.<\/p>\n

\u201cAs a nation, we must remain true to ourselves and not try to impress others by changing who we are. While it\u2019s good to aspire to impress others, at the national level, I believe we should prioritise being ourselves,\u201d he said.<\/p>\n

\u201cWe don\u2019t have to conform to the expectations of others to be accepted. Instead, let\u2019s maintain our identity and relate with others on equal terms, with dignity and acceptance.<\/p>\n

\u201cAs young people, if you embrace this philosophy, you will earn respect for being who you are. Don\u2019t try to be something you\u2019re not. Be proud of your heritage and your identity. Let\u2019s engage with others without compromising our values and principles.\u201d<\/p>\n

For More News And Analysis About Zimbabwe Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. PRESIDENT Emmerson Mnangagwa has called on captains of industry to have confidence in the Zimbabwe Gold (ZiG) currency, which replaced the unstable Zimdollar. Speaking at the 10th CEO Africa Roundtable Annual Conference in Victoria Falls, Mnangagwa yesterday expressed confidence in the ZiG saying it was the doorway to currency stability in Zimbabwe. […]<\/p>\n","protected":false},"author":84,"featured_media":95354,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6],"tags":[19],"class_list":["post-95355","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-zimbabwe"],"yoast_head":"\nHave confidence in ZiG: ED - zimbabwe<\/title>\n<meta name=\"description\" content=\"PRESIDENT Emmerson Mnangagwa has called on captains of industry to have confidence in the Zimbabwe Gold (ZiG) currency, ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/have-confidence-in-zig-ed\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Have confidence in ZiG: ED\" \/>\n<meta property=\"og:description\" content=\"PRESIDENT Emmerson Mnangagwa has called on captains of industry to have confidence in the Zimbabwe Gold (ZiG) currency, ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/have-confidence-in-zig-ed\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-14T09:00:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-14T12:12:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2024\/06\/sm_1718350472.455957.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/have-confidence-in-zig-ed#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/have-confidence-in-zig-ed\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Have confidence in ZiG: ED\",\"datePublished\":\"2024-06-14T09:00:15+00:00\",\"dateModified\":\"2024-06-14T12:12:05+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/have-confidence-in-zig-ed\"},\"wordCount\":515,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/have-confidence-in-zig-ed#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2024\/06\/sm_1718350472.455957.jpg\",\"keywords\":[\"Zimbabwe\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/have-confidence-in-zig-ed#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/have-confidence-in-zig-ed\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/have-confidence-in-zig-ed\",\"name\":\"Have confidence in ZiG: ED - 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