Zimbabwe: Parliament concerned over continued rejection of new ZiG currency

PARLIAMENT has expressed concern over the continued rejection of the newly launched Zimbabwe Gold (ZiG) currency by some traders.This opposition creates a challenge to the government’s directive to use ZiG for transactions.

Informal traders, who cater to a significant segment of the population, are hesitant to accept ZiG, citing that they have yet to “understand” the new currency.

Zanu PF MP for Rushinga constituency, Tendai Nyabani, highlighted the discrepancies on Tuesday.

“During my travels, I have observed the positive steps taken by the President to reintroduce a national currency. As part of my duties as a representative of the people of Rushinga, I visited wholesalers to assess their use of ZiG and how citizens behave transactions with the new currency.

“It is worrying that basic commodities in Harare are already expensive despite incurring no transport costs. Wholesalers are reportedly raising prices by 18%. This raises concerns about the final price of these commodities in areas like Plumtree or Rushinga .

“Furthermore, not all basic commodities for ZiG are sold at these wholesalers, including those at Mohammed Mussa. These practices need to be addressed,” Nyabani said.

A recent survey by NewZimbabwe.com suggests that some traders are hesitant to accept the new Zimbabwe Gold (ZiG) currency.

For those willing to accept ZiG, concerns have been raised about potentially inflated exchange rates being used.

On Tuesday, the government urged the private sector to adopt ZiG for daily transactions.

However, this call follows reports of some government departments not accepting ZiG.

Economists have warned that this lack of widespread acceptance could erode confidence in the new currency, potentially leading to its devaluation.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More