Itel

Itel

Itel smartphones and accessories

Open
HomeGeneral

IMF Declares ZiG Currency Stabilised Zimbabwe's Economy

9 months agoSat, 29 Jun 2024 07:47:00 GMT
Share on FacebookShare on TwitterShare on LinkedIn
IMF Declares ZiG Currency Stabilised Zimbabwe's Economy

The International Monetary Fund (IMF) said that Zimbabwe’s new currency, called Zimbabwe Gold (ZiG), has helped end a period of economic instability.

Before the ZiG, Zimbabwe had used the Zimbabwe dollar, which lost a lot of value very quickly. This caused prices to rise sharply, especially in the first three months of 2024.

Following a recent mission to Zimbabwe, the IMF said that if macro-stabilisation is sustained, the cumulative inflation for the remainder of the year would be about 7%, a figure Zimbabwe has not achieved in years.

An IMF staff team led by Wojciech Maliszewski conducted a second mission to Harare on June 18-27, 2024, to conclude the 2024 Article IV Consultation The IMF said:

Against this background, the Reserve Bank of Zimbabwe (RBZ) introduced in April 2024 a new currency—the Zimbabwe Gold (ZiG).

Click here: Pindula WhatsApp Channel
wa.me/channel/0029Vb4GVea90x2nCSDImS1b

 

The ZiG official exchange rate has so far remained stable, ending a bout of macroeconomic instability in the first 3 months of the year.

Assuming that macro-stabilization is sustained, cumulative inflation in the remainder of the year is projected at about 7 per cent.

In an interview with VOA, Persistence Gwanyanya, a member of the Reserve Bank of Zimbabwe Board, said:

We think that there has been some notable improvements with regard to … fiscal accountability.

Whilst there are isolated cases of corruption that we acknowledge, the overall picture is that there has been significant improvement in fiscal management in the country. And unsurprisingly, we continue to improve.
But to achieve the ambitions, we reduce the leakages, we improve… accountability further in the economy.

The IMF said Zimbabwe’s economic governance still has significant weaknesses and said corruption poses a risk to economic performance that needs to be addressed.

Loice Matanda-Moyo, Zimbabwe’s prosecutor general, and the former chairperson of the Zimbabwe Anti-Corruption Commission, last month said that corruption costs the country nearly US$2 billion annually.

Godfrey Kanyenze, an economist and founding director of the Labour and Economic Development Research Institute of Zimbabwe, told VOA that corruption has to be dealt with if the country’s economy is to improve. He said:

Corruption is a cancer that has to be dealt with, we need political will to address this particular issue and there is to be a price for corrupt activities.

The culture of impunity must be replaced by zero tolerance for corruption, as is the case in other countries where the state has played a leadership role.

Launched on 05 April 2024, the ZiG has maintained a near original peg value to the US dollar after starting at 13,56 and rising marginally to the current 13,70.

Yesterday, the Zimbabwe Statistics Agency (ZIMSTAT) said that the month-on-month ZiG inflation rate for June 2024 was 0 per cent, meaning prices have remained constant on average between May and June.

More: Pindula News

Tags

43 Comments

B-kay Walesa. · 9 months ago
From 2009 to 2024 ZIG become the sixth country's currency. That's the only question we were supposed to ask ourselves, and not comparing Zimbabwe and south Africa. Zimbabwe leadership needs more wise people and people with visions to this coming generation.
Anonymous · 9 months ago
Where is the ZiG? The ZiG is at RBZ. As long as it is there it will remain stable.
2
Anonymous · 9 months ago
Yes,ZIG harifaniri kudirwa too much muMarket kuti vagone kuri controller .
1
Anonymous · 9 months ago
From Gold to clay thus how our leader ship are right now
Anonymous · 9 months ago
Zig stability is real.Unfortunately Zimbabwe is currently infested with self opinionated sharp economists who blindly think they are better informed than IMF experts.What a shame.
ED · 9 months ago
we went to Mozambique to gain wealth not independence.
Tafman · 9 months ago
@pm...dzatamba zvakaisvonaka chose
pm · 9 months ago
psl dza tamba sei ne dynamos
Anonymous · 9 months ago
Italy yabuda yarohwa 2:0 na Shakiri
Patz · 9 months ago
Tikadero tosara tisina vatungamiri
kg · 9 months ago
PROPHETS OF DOOM PROVED WRONG ONCE AGAIN. HOW THEY PRAYED FOR A NEGATIVE REPORT. LET THE SUCCESS OF THE ZIG DO THE NOISE.
· 9 months ago
riripiko ZiWiG racho?
1
Zelensky · 9 months ago
yes we may say Zig has stabilized the economy, but come to BYO , Tsholotsho or even all Matabeleland regions ,there is no zig in circulation in Byo kombis are rejecting zig , This currency stability can not be noticed , what can be said is that the currency is scarce , it's only meant for civil servants who earn less than 2000 zig at most.
2
Mcgyver · 9 months ago
Zig is in all banks all over the country .
wenjanja general · 9 months ago
zig ndiyo Mari yEdu mazimbo believe it or not
· 9 months ago
Mari shouldn't be a matter of belief. It's NOT a religion.
2
name · 9 months ago
to soon.the bond was stable for some time but look what happened to it
Commenter · 9 months ago
Zig is the future,yes bond failed, now we are taking corrective actions to ensure that Zig won't end up in "bond"situation
1
laugh emoji1
Something · 9 months ago
Haaaaaa hapana stability apa iyo bank rate ichikwira, that's lies asi yakatengwa kani IMF yacho, zvinhu zviri kukwira in both currencies zig n USD what does that mean
1
· 9 months ago
correct. ZiWiG racho harisi kuwanikwa. Any stability to talk of is due to the US$
1
king · 9 months ago
even in America zvinhu zvakakwira 3x since 2022
Anonymous · 9 months ago
Yes vakatengwa
...,. · 9 months ago
as long as it stays at RBZ and does not get to the people who need to use it it will maintain the stability
1
laugh emoji1
Tohwa Mapenda Zivhave · 9 months ago
Pava nenguva, zvongoda kt munhu utsvage Jeso. Vakatoita mari vakatoita, zvauri izvozvo usina mhosva inokutevera, wakakomborerwa iwe. Siyai vaite, ndozvavo chaizvo zvekutsvaga pfuma. Havana kufanira denga chose. Kunesu vanodya sadza tapambara, tinodzidzisa vana zvebamba, tinovaka musha makore gumi, nekushuvira zvinodya vamwe ngatitarise kuna Mwari, timunamate zvakasimba nemwoyo yakaperera. Taramba kuzoita vana Mufakose. Panyika waiva mungwavaira nekudenga wondooneswa chamutavanhava , bodo tsvo taramba.
kubu · 9 months ago
Famba zig famba
· 9 months ago
kuenda kumawere kwakaenda Bond
commenter · 9 months ago
Unrealistic! What people call corruption nowadays isn't really corruption,,what people call corruption nowadays may be something themselves are doing on a small scale,but are pointing fingers on those in the limelight. Being favoured over someone is viewed as corruption but that's how this world is built and will continue to operate. I'm not an advocate of corruption, but I advise you to network and get links, and one-day when you have money you will see people also calling you corrupt🤦
🏴‍☠️🏴‍☠️ · 9 months ago
Netwumedzi itwotu tushomana vavakutoti ZiG yatoita kuti economy yadzikama, ngavapfavire ngoma rwendo rwurefu, takamboona zvimwe zvaipembedzwa kumas**** uko zvikazoramba kushanda,
Anonymous · 9 months ago
Zanupf is corrupt so forget anyone would be arrested. Catch and release
TheObserver👀 · 9 months ago
catch and bye bye
Something · 9 months ago
kkkkkkkk catch and release
Something · 9 months ago
ndipo paunoona kuti nyika hapana kwairi kuenda
Humba · 9 months ago
more i support ur point hasa iwe vanhu vanongoda acid straight to hell
Mukoma Oncemore · 9 months ago
Zimbabwe should put a law which allows corrupt people to be hanged if found guilty. That's only way to end corruption. Those found guilty should be hanged. And the government should repossess the stolen revenue
patz · 9 months ago
Tikadero tosara tisina vatungamiri
1
Anonymous · 9 months ago
Opposition tingapera vakiti nokuti tisu tiri officially corrupt.
Anonymous · 9 months ago
If any chrimal find guilty must hang in Zim, so it's means Munangagwa and his wife is the first one for facing those quenciquencese
Anonymous · 9 months ago
They are the most innocent citizens
Anonymous · 9 months ago
You cannot get someone to repossess stolen revenue from themselves. What happened to Prisca, NSSA, ZINARA? The list would be endless, because almost every board at ZINARA has been fired for "lost income". That law will only be used to imprison and execute any voice that does not echo the halls of parliament. The law cannot be trusted to be impartial as lady justice plies here trade on street corners.

Leave a Comment


Generate a Whatsapp Message

Buy Phones on Credit.

More Deals
Feedback