Zimbabwe Rolls Out New Gold-Backed Currency to Tackle Economic Turmoil | Firstpost Unpacked

Zimbabwe Rolls Out New Gold-Backed Currency to Tackle Economic Turmoil | Firstpost Unpacked
Zimbabwe has launched ZiG, a new gold-backed currency, aiming to stabilise its economy amidst decades of tu rmoil. The ZiG will replace the Zimbabwean dollar, which lost three-quarters of its value this year. Meanwhile, the country saw a 55% inflation peak in March this year. The Reserve Bank of Zimbabwe Governor John Mushayavanhu says that a structured approach with a market-determined exchange rate will help stabilise the new currency. Zimbabweans have 21 days to exchange old notes. However, the US dollar, used in 85% of transactions in the country, still remains legal tender. ZiG banknotes range from 1 to 200 denominations.
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[@benji9639]

Good luck to Zimbabwe. Wishing you all success from 🇳🇬

[@mimmyspecial]

Thank you so much.

[@bradleyh1964]

Well done, Zimbabwe, for backing your currency with real money. Not like the Fiat USD that is backed by promises and pie in the sky 😅😅

[@gibson2675]

Try telling the Woking man in Zimbabwe that

[@chuckdawit]

While this is a noble action with good intent, I think it will fail due to limited regulations and sub standard accountabilities in a country like Zimbabwe. Image walking into a Zimbabwe bank in 3 years, handing over your fiat currency and saying ok now give me my gold! What are the odds the bank says, sorry we don't have it right now maybe tomorrow?

[@frankyyaggabot6222]

They're backing their new currency with a resource(gold). Except they won't allow a third party to audit that resource and you aren't able to transfer the money for that resource. Sounds great!

[@user-xd8mm4ph4r]

​@@frankyyaggabot6222 Greater than the US Dollar anyway

[@user-lw4xw5jz9z]

Let's just hope for the best guys. We already have so many enemies that doesn't want Africa to grow, to develop, at Let's try not to be our own enemy. The success of Zimbabwe is the success of all Africa, so let's pray for the best.

[@user-lw4xw5jz9z]

Well done Zimbabwe. Why when Africa want to do what is good for Africa, it always becomes a threat to the West? The old ways aren't working for Africa, it's time to do things differently. Let's go Africa.

[@rustyshackleford2719]

Zimbabwe's hyperinflations have been known worldwide. Good for them and their leadership for putting forth a real solution for their people.

[@noxolotshabalala3509]

Rooting for them - You go guys - all the best - hope this works for you.

[@user-gv9it2lq9d]

Which province are you from? First time I see clean teeth without starved silvergold 😂

[@Marysmmiiith]

Congratulations to Zimbabwe, hope it all goes well with the Zig 🇿🇦🇿🇦

[@MelahEagle]

I think africa should be more like this❤love you africa🇨🇦

[@kamaliahabubakar6125]

Bravo Zimbabwe!

[@mckane4420]

Africa is land of strong and powerful leaders…God bless Zimbabwe and its leader…Almighty protect this leader from the evil designs of west …

[@gibson2675]

Lol. Jokers with no power

[@drbh6331]

@@gibson2675 ofcourse they follows the western masters

[@pupub.4890]

LAND OF CORRUPT PEOPLE YOU MEAN....90% OF AFRICAN NATIONS ARE POOR. LEADERS STEALS AND KILLS

[@mois9555]

Good for you keep blaming the West, that Africa's propaganda, when they are failing.

[@mthimkhulu30]

​@@gibson2675and what makes you. Maybe you won't even leave your name in this world

[@jessepage1061]

Every African country should follow suit

[@f6876]

I’m rooting for Zimbabwe ❤

[@ssemwangaremmy7998]

Whoever the engineer of intro graphics,animation is, needs great applause... They are a genius,it just attracted me to watch more of yo content.

[@Atanganacatherine1118]

Well done Zimbabwe You have done the right thing Bravo. It's time for Africa to be free from colonization, and regain his sovereignty. Total independence. I am so Happy and proud to be an African. Great move Zimbabwe!

[@falisaasberry6491]

Standing with Zimbabwe, and praying this is the change needed for advancement 😉

[@MathesonMcDavid]

*People dont understand that the prices of things are never going back down. This inflation is deeper than we think. Those buying groceries are well aware that the real inflation is much over 10%. The increments dont match our income, yet certain investors still earn over $365,000 in stocks and assets. Wish I could accomplish that.*

[@ChristabelWashington]

Very possible! especially at this moment. Profits can be made in many different ways, but such intricate transactions should only be handled by seasoned market professionals.

[@RitaMcQueen]

Finding yourself a good broker is as same as finding a good wife, which you go less stress, you get just enough with so much little effort at things

[@PetersonMcDaniel-yl3fq]

Brenda demonstrates an excellent understanding of market trends, making well informed decisions that leads to consistent profit

[@WallaceHerbert-fl1ve]

Sounds interesting. I was planning to invest some few £ in some coins, stack them up and leave them for a few years, but seeing this changed my mindset. Thank you very much

[@BeckyRachel-kb4mg]

Any specific guide. I'm from Georgia how do I go about this? I think I'm interested how can I get in touch with Mrs Ernest Brenda

[@andyc9902]

For the sake of zim hope it works out

[@DS-zg6ym]

Smart move 👌 👏 🌌

[@WediTesfay448]

Good luck zimbabwe i hope It works good Love From Eritrea 😊😊😊

[@srikandiwarion1422]

Great first step to the brighter future ahead has been conducted, Well done Zimbabwe!! Gold is the only way to stabilise the Nation and the world's Finance. Bravo!!!👏👏👏👏💜💜💜💜💥💥💥💥

[@jeremiahshingaimandizha3410]

Some countries tried it & failed ... GOOD LUCK MOTHER COUNTRY

[@mr.ndirangumwaura9936]

Give examples

[@rickysampson8759]

@@mr.ndirangumwaura9936Libya and iraq. America made short work on them

[@Voice_Of_Truth467]

Did y’all forget Africa is the land of resources, Zimbabwean is not some poor or small country. It is well endowed with natural resources and Gold is just one of them. The great in Zimbabwe is that it is control by black people not puppets.

[@michaoginski6220]

Democracy, Bring them democracy USA

[@AdvoAG]

How ironic

[@user-ig1nc9ce1r]

Hmm

[@pajewlz5825]

that is a smart move since gold is only going to go up in USD

[@moorthysivabalan.b2185]

Atleast they try 😊

[@Voice_Of_Truth467]

Don’t worry buddy, the Zig currency will be more valuable than the USD soon 👍🏾

[@alexkazdorf]

I hope the united states does not feel a need to bring some democracy to Zimbabwe

[@karthikk7650]

Brave move, appreciate 👏🎉

[@psycho416s]

Imagine that! A genius idea. A very conventional approach to make a balanced system.

[@thewandererofmumbai6169]

India must help such countries with increasing seats in UPSC and sending selected candidates on contracts to these countries to help them with such matters

[@edmoregundani3058]

good thought... but india has a very large population living under bridges (chowkdi) and in a lot of squatters... and i believe the Indian government has the money to fix that they just don't want to... we can see it cz they sent chandrayan to the moon and have the largest oil refinery in the world

[@user-kj2xh6bt5y]

Zimbabwe is moving now

[@Hiptoys]

Well done !!!!

[@Beenemalist]

Perfect policy, Gold is real currency!! Well done Zimbabwe!

[@mireederrick1977]

Wonderful News 👏👏👏

[@abbibindivhu1195]

Well done

[@manassurya2019]

This is a genius move.

[@thetatso9462]

Credibility.

[@theblaqbuckeroo5127]

💚🖤❤️ Zimbabwe🇿🇼

[@D1Freezer]

Our brothers and sisters are fighting hard Amis negative external souces and forces

[@user-es4ys9oo2v]

Wow good news

[@ktm9853]

Zimbabwe's economy was wrecked by the very same Colonisers who opposed the noble land reform programme.

[@Zwak817]

They can do transactions in Africa with their own money❤

[@ruqayyahcurtis7504]

All African countries should do this! Make the ZiG an AllAfrican currency! ❤❤❤

[@ronaldmadziro5679]

Good move,correct decision but the execution of this move matters. Discipline is now crucial,hope those ruling elites scale down their demands for luxuries so the central bank won’t have to print extra money that is not properly backed by Gold reserves. If they show discipline with funds,this will be a game changer for Africa. Every multipolarity person is rooting for Zimbabwe to succeed,please don’t let us down.

[@barotrajiv3885]

If your country not export bussiness then this kind gimix not work

[@randyeduo]

the country needs new leadership

[@Buzzle420]

Good

[@tolk2tm]

i have a question is usa change the dollar whare is write"in god we trust"with new currency like ZIG in the future?

[@macebelejunior9316]

They have been in road b4 n Zim got nothing to lose...hope it all goes well

[@Sarvantas]

Can we buy using Zig outside Zimbabwe?

[@semimoyo7591]

Remember the Sactions were dropped! This is a go move for our Motherland Zimbabwe 🇿🇼.

[@sophiawharton2424]

“Africa Rising!”

[@HURCNchristine]

🙏🏼🙏🏼🙏🏼❤️

[@mabaker391]

Whp has done an audit to ensure they DO have gold to back the currency? Last I heard the gold vaults were empty!!

[@gabooogh7068]

Now the question for economics is how much Gold reserves is the country holding? The next question is what is the productivity or output available for consumers? So production is the key here. If productivity can be pushed then it can help them out of the quagmire in the short to medium term

[@edmoregundani3058]

ooo they do have quite a lot of gold deposits... but most of it is smuggled out of the country by politicians and other rich folks anyway

[@jeffersonmwaruta]

I am Zimbabwean and I have a question. Since when do we use 8 other foreign currencies? I've been in Zimbabwe for most of my life and not once have I used the rupee, yen or yuan . In fact I last saw the SA rand when I was a kid. I also don't know of these currency being used as a mode of exchange in Zimbabwe. Where do you get your facts?

[@praveenspike]

When a national currency is over printed it will create inflation but, with gold standards you can only print according to your reserves thus this will put pressure on inflation to rise. This is why most of the nations before 1973 boosted their economy by 5 times the speed without any inflation as a hurdle.

[@pupub.4890]

NAH.....IT ALL DEPENDS ON THE LEADERS, IF ONE LEADER LOVE THEIR COUNTRY IT WILL WORK, BUT IN THE CASE OF AFRICA/ZIMBABWE MAJORITY OF THEIR LEADERS STEALS AND CORRUPT, IT WILL NOT WORK. UNLESS THEY CHANGE FOR THE BETTER

[@praveenspike]

@@pupub.4890 The gold stand means you can only print according to the amount gold reserve you have, excess will have no value. If the corrupt takes the money it is easy to track as the supply is limited.

[@pupub.4890]

@@praveenspike yes i know what the gold stand means....your gold reserves=the currency you print but eventhough, still it wont work when your leaders are corrupt. the only way a country or a govt will work if your leaders /the govt is sincere in improving their economy by what? by what means? honest and effective ways to perform changes, economic projects, livelihood projects etc etc.....but if your leaders are corrupt, nothing will prosper

[@praveenspike]

@@pupub.4890 well if there is corruption one can only print more according to the reserver, if corruption is involved it is easy to track as it is in limited quantity. Right now with the hunter biden corruption case, is there a possibility without the data to say he is corrupt?

[@cocopuff7038]

Nice, rooting for Zimbabwe from US

[@user-ig1nc9ce1r]

This is not a new idea has been done before and atleast in africa they stoped president Gaddafi before he could of done the same some years bck

[@garygrayson4211]

😂😂😂😂😂you got to love it 🇬🇧

[@UnDark1]

I predict this Zig will become a Zag.

[@trailguy]

if you aren't going to overprint, then just issue gold coins. they can be copper with varied size gold dots in the center.

[@Just_Johnnie]

Does Zimbabwe have enough gold to backup their new currency? Also, doesn’t it make their currency subject to the fluctuations of the gold price?

[@Frankabagnale33]

Best of luck Zimbos, don’t f**k it up

[@elizabethmatl2713]

I cant find any bank in the US to exchange it.😢

[@dougiep2769]

Smart people. Should hold the politicians to some honesty for once. Hope they dont except any other for goods

[@indransathasivam3110]

bring back your original zimbabwe dollar

[@nigelchiona8849]

Im an economist from i promise you this is for short time....myb one week....

[@lancescelo2228]

M with you they will suffer a lot with this decision m telling you

[@gretasibanda4312]

Desperate ideas. It’s a pity

[@muhlenberg2608]

While I wish Zimbabwe every success with their latest attempt at a local currency, it must be acknowledged that this is not their first attempt. Personally, I see no reason to think that this attempt will end differently from previous attempts.

[@merynomsa]

As a Zimbabwean millennial that’s lived through all these iterations and failures of our govt, I’m exhausted and have little hope and trust left in our leadership. I’m glad to see so many people in the comments supporting this move as good and pan-african and rooting for the people of Zimbabwe, it means a lot for us whose lives have been ruined and hopes stolen over the decades.

[@Sash52]

Just the way it should be. Unlike endless printed money like dollar

[@uncle_trust_gwishiri]

But being a citizen of this beautiful nation 🇿🇼 🇿🇼 🇿🇼, money minting(printing) is inevitable. Let's see if ZIG, the new currency, can pass the litmus test 😊😊😊 Cry my beloved Zimbabwe 🇿🇼

[@EndCronyCapitalism]

I expect them to print way more than they have gold sadly...

[@martinvanvuuren]

Can I exchange my old Zim dollars for zig's at the Zim embassy in Pretoria.

[@mg1906]

Looks like Zimbabwe will be needing some American freedom.

[@gibson2675]

We have communist china

[@smv1690]

And also, how much gold does the country has?

[@KdShack-qj2uz]

It stated they had 300m worth of

[@JanBruunAndersen]

300 million? How much gold is that? Do you trust the guy doing the counting of that gold? Have anyone seen the gold recently?

[@martinheretics2645]

Currency can be backed no only by Gold, but it can be combine by Silver, Platinum, Palladium, Oil, Diamonds ext.

[@utubedude2842]

Cool. Fiat countries will print currency and then exchange and deplete Zimbabwe gold. Good move

[@freedom3040]

African union should issue Gold as Currency and ditch dollar and use other nations currency and gold. Entire Africa should ditch USA dollar currency.

[@nyoni_tour6677]

I think It would happen when the brics currency comes

[@jigsaw2281]

All African union should join brics

[@gibson2675]

Would brics offer us free money

[@pupub.4890]

AND WHO WOULD TRUST THE AFRICAN CURRENCY? HAHAHA YOU YOUR SELF WOULDNT TRUST THE AFRICAN CURRENCY IF YOUR GOING TO USE YOUR OWN MONEY, YOU WILL SETTLE FOR THE STRONG AND RESPECTABLE CURRENCY LIKE US DOLLAR...ITS ALL ABOUT ECONOMY, AFRICAN NATION DOESNT HAVE A RESPECTABLE ECONOMY.

[@noelncube6478]

Hi zim

[@roberthenderson4466]

BUY ZIG NOW.........

[@imnotanalien7839]

It won’t work, other countries would be using it if it was that easy!

[@coffeeart2023]

The real question now is what next?, how are u going to strengthen the currency from now so u can win the locals trust to transact in own currency

[@DARKGAMER-zx5bu]

what if they making gold coins like real gold coin as a currency did that help or make worst

[@Daara92]

Integrate politically first then there can be convergence of economic and monetary policies

[@mckenzydukhedin581]

Iwould like to take this opportunity to thank the govoner for his good sense of thinking because they are now waking up and smelling the coffee because for the world bank they are no longer want to help The African countries because they always feels that African countries will rise up and be come better than theme

[@wisdomsakala1477]

Selfishness too much politicians only care about themselves

[@aaronb8698]

Goverment buget spending should always transperantly match that of taxable revenue, The best way to keep buissness from fleeing your country with over taxation or inflation is to invest mantain currencies value with asset backing and conservatively invest into balanced infustructer that will increase growth. ( Schools that work with buissness, to keep everyone working, development of inavation and trade) None investment spending acts to eroded the value of currency.

[@melinah5666]

Useless money we are not going anywhere, they have to fix the economy first

[@thetravelingfoodshow]

Hope this works. US dollar is still crucially important. US does massive trades internationaly

[@paulkapora]

8:51

[@OnyxPrym]

Watch the price of gold globally go way up

[@pprraanniitthh]

Seems like an inherent issue with paper money, overissued and forged notes, with national reserves investing in the dated tech to print this 'counterfeit-proof' technology. Its time to be digital-first about money.

[@consciousmind6754]

Smart because if all the African countries goes with their currency back by gold.and natural resources.Theirs dollar would be allot stronger to improve their economy.

[@F_almightyS]

I want to invest 🇬🇧

[@samueldudley5590]

Unfortunately they are to corrupt

[@busanidube715]

But firstly they have to have ATMs ,at patrol station,At malls because to have money without enough banks it's waist

[@NiiAryee]

Means nothing if they lack the will to maintain the peg

[@hubertusvenator5838]

Make Zimbabwe Rhodesia Again

[@edmoregundani3058]

this is a prime example of don't believe everything you see on the media... this indian lady said they use rupees in zimbabwe nobody even knows that currency exists😅 nobody in zimbabwe has ever seen or heard of a rupee.. wtf is a rupee the only currencies r the usd and the rand

[@Teacha1971]

1980 UK just letting go off the umbilical cord of Zimbabwe, whenever colonizers leave everything is left broken ,the downfall road map was already set , Zimbabweans need to put aside all other corruncies and buy their own currency using up the demand fir it then it will appreciate more

[@MrTazzCooper]

If this fails we then go for a decentralized Zim Dollar backed by gold also.

[@gregorychalmers2466]

Politicians will eventually print lots of the new currency like the US

[@ZimboMagicTV]

Wat happened to the gold reserve which was in the RBZ vaults in 1980 when they took over…… well we all know that they looted it until it was empty 😂😂😂

[@Thismessybeautifuljourney.]

Anyone else see 3:36 khabe lame?