WATCH: Fiscal discipline to protect the integrity of ZiG

Judith Phiri, Business Reporter

THE Minister of Industry and Commerce, Nqobizitha Mangaliso Ndlovu has said fiscal discipline will be critical in making sure that the integrity of the new currency, ZiG is protected, while calling on the industry to have confidence in it.

The Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mushayavanhu last week Friday introduced the new currency which is backed by the country’s gold and foreign currency reserves.

The Central Bank introduced the new structured currency as part of comprehensive monetary measures aimed at consolidating economic stability, arresting inflationary pressures linked to market indiscipline in the previous years and facilitating solid business growth anchored on savings.

ZiG notes and coins will start circulating on April 30, but the electronic banking systems should be operational starting tomorrow across all platforms and all service providers, with the last banks and shops coming online by then.

In an interview after a meeting with industrialists in Bulawayo on Thursday, Minister Ndlovu said it was the duty of every citizen to promote the usage of the new currency as well as its stability.

“I want to applaud the Ministry of Finance, Economic Development and Investment Promotion and the RBZ for being out there engaging the business sector in trying to clarify issues that might be needing to be clarified.

“Obviously, we have a duty and responsibility collectively as Zimbabweans to support the new measures that have been taken, particularly to make sure that we promote both the usage of our new currency as well as its stability,” he said.

“In any case, there is not much ZiG that will be out there. If anything, I think people will be looking for ZiG all over, because it will only be available to the extent that corresponds to our reserves. So fiscal discipline will be very critical in making sure that we protect the integrity of our currency. Overall, I am also happy that business here in Bulawayo is embracing it.”

On issues that were raised by some industry players on the availability of foreign currency to import, the Minister said they have been given assurance by the RBZ Governor that all legitimate foreign obligation will be met.

He added: “There was also a bit of concern that there are delays in the conversion and that some of the industry players are also struggling to make payments at the borders. I think glitches have been witnessed here and there in the conversion, which l will also raise with the Minister of Finance. I’m hoping that this will be addressed as a matter of agency.”

Minister Ndlovu said to instill confidence and allay people’s fears with the new currency, the RBZ will ensure that everything the central bank has promised will seen and felt on the ground.