Zimbabwe Announces New Currency Called the ZiG
Zimbabwe Announces New Currency Called the ZiG
Zimbabwe, in its latest bid to end the serial slide of the local dollar, has replaced it with a new unit called the ZiG backed by a basket of foreign currency and gold. Bloomberg’s Ondiro Oganga reports.
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1. Does Zimbabwe have enough gold reserve in the first place?
2. If she doesn't, she won't be able to react to or control exchange rates
3. If gold prices fall, you are gonna face inflation, that you have no control over.
4. And when the government runs out of money to pay for its expenses, they are stuck with issuing debts
5. Or they can raise taxes (good luck with that)
I don't see how this helps, other than perhaps reseting the currency.
Switching from relying on foreign currency which you don't directly control. To gold which you also don't directly control. What's the difference?
Hahahahahahahha😂😂😂
Whaaaaat??? Ondiro is on Bloomberg. Congratulations.
Let’s hope this is a start of something new and beneficial
Interesting..why is there so much global attention in the new zim currency..I am hearing something…
Finally this is epic time for zim to shine
Civil war backed up by foreign government in 3.. 2… 1.
They must not compare the SA Rand value close to Zim currency
Don't drag South Africa down with their poor status .
The Zar is way stronger and holds more value than Zim!
You need about 10000Zim for R1.
That's how 💩 the Zim 1 is !!
All your bases are belong to us
Gold is real money 💰 all currencies including US dollar are paper currency
Amend Agenda 2063 to make all African currencies backed by gold.
The first gold backed currency in Africa. When all 55 currencies are backed by gold, they will create the AFRO, a continental gold backed currency.
Africa needs to trade with itself.
Why do people believe in this. You think there's actual gold and money backing location. You aint been to or seen or lived in Zim if you're gonna believe this isnt just anither quick currency switch with another one pending for the next one. Understand that million's of people's money just be ame obsolete once again and now they must transition again with no guarantee of backing cause why now when the gold had always been there. If not, where did it come from. Dxckheads
How is this even a solution 😭 how can you just change a currency when inflation happens. What kind of scams are these 😭
I've just started learning ZIG, and looking for tutorials.
The economic fundamentals are still the same. They are putting lipstick on a pig.
Nobody trusts the criminals in office and therefore the currency is doomed, they can wake up any day of the week and tell you, your $USD in banks has been changed to ZIG. Even govt officials refuse to be paid in ziggies.
This will be a game changer!!! If only it is managed by professionals invested in making Zimbabwe better, and not just lining their pockets.
For great justice!
Good move, real currency has gold backing it. Many countries have fiat currency, welldone Zimbabwe. Anyone with how currency is strengthened knows that's a superb move. Give it time and see
The media often overlooks the primary cause of this hyperinflation, which stems from the illegal sanctions imposed on Zimbabwe.
What a super awesome move