Anita's Natural Hair Care

Anita's Natural Hair Care

Products and Services for natural hair. Henna, Indigo, Hair Growth Oil, Antibreakage Treatments, Dandruff Treatments, Deep Moisture Treatments.

Open
HomeGeneral

ZiG Currency Remains Legal Tender - RBZ

5 months agoMon, 28 Oct 2024 16:57:20 GMT
Share on FacebookShare on TwitterShare on LinkedIn
ZiG Currency Remains Legal Tender - RBZ

The Reserve Bank of Zimbabwe (RBZ) has affirmed that the Zimbabwe Gold (ZiG) currency remains legal tender and will continue to strengthen its use and stability.

This statement follows comments from prominent lawyer Advocate Thabani Mpofu, who said on Monday that the ZiG lost its legal tender status on October 4, when the law that established it expired. He said:

As of October 4, 2024, the statutory instrument that introduced the ZIG currency expired without extension. Consequently, from October 5, 2024, the ZIG ceased to be a valid currency in Zimbabwe, leaving the US dollar as the sole currency.

In a belated but incompetent attempt, authorities tried to revive the ZIG through the Finance Act on Sunday, October 27, 2024 (This had been hinted on in the Friday Gazette but the Act had not been published). However, this effort was futile since the ZIG had already lost its validity.

Moreover, Section 21 of the Finance Act’s attempt to retroactively validate the ZIG is unlawful, as it contradicts Section 6 of the Presidential Powers (Temporary Measures) Act.

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

 

The explicit reference to the expired statutory instrument in Section 21 only reinforces this illegality in that it establishes the connection between the S.I. and the Act (A clever person would have avoided that connection).

However, in a statement issued on Monday evening, the RBZ said the ZiG was established through Presidential Powers (Temporary Measures) under S.I. 60 of 2024, representing a one-time act of currency reform.

The Central Bank insisted that currency reform measures do not expire simply because the legal instrument that initiated them has lapsed. Reads the statement:

The Reserve Bank of Zimbabwe wishes to advise the public and all stakeholders that there is no gap at law regarding the Zimbabwe Gold currency.

The Zimbabwe Gold currency, (ZiG) was established through Presidential Powers (Temporary Measures) proclaimed under S.I 60 of 2024, which constitutes a one-time act of currency reform.

Currency reform measures by their nature do not lapse simply because the instrument that introduced the reforms has lapsed.

The lapsing of the Presidential Temporary Powers that established the currency does not, therefore, create a gap in the law. Legally, currency reform measures are only revoked by another legal instrument.

Meanwhile, it should be noted that The Finance Act which has since been gazetted into law, simply declares the provisions of S.I 60 of 2024 and is not meant to validate them.

Thus, ZiG remains the country’s legal tender, and the Reserve Bank will continue to consolidate its use and stability.

Meanwhile, Corban Madzivanyika, the Member of Parliament for Mbizo and a member of the CCC, has called on the RBZ to clarify the basis for its assertion that currency reform measures can only be revoked by another legal instrument. He said:

Kindly specify the law that allows currency reform measures to remain in force even after the expiry of the Presidential powers (Temporary measure) SI 60 of 2024. Which law says currency reform measures can only be revoked by another legal instrument? Explain well to us.

More: Pindula News

Tags

30 Comments

Kpn · 5 months ago
Zvekutipedzera nguva zvisina basa zve zvigi
Edwin · 5 months ago
Saka mukoma John vanenge vaine maZiG here mupocket ?
kamukono ketsambarafuta 🤸 · 5 months ago
your fight is over Mr zig ...rest easy my guy Ziggy ziggy
laugh emoji1
370H-55V O773H🙃 · 5 months ago
Headline of the sounding like a as if radio yakupera ma batteries,
Patz · 5 months ago
Izvi zvoshamisa izvi. Those with businesses which refuse Zig are at the fore front of advocating it to be legal tender. Gore richaitwa Gift Mugano RBZ governer and Biti Min of Finance Zim inodzokera pakuwa huchi nemukaka. The stumbling block on the way is too huge to remove
Mureya · 5 months ago
haisi mari mapepa eku toilet sure
MOJ Statement On ZiG · 5 months ago
ZIG currency remains a toilet paper - MOJ (Majority Of Zimbabweans) . The Majority Of Zimbabweans (MOJ) has affirmed that the Zimbabwe Gold (ZiG) currency remains as toilet paper and will continue to soften its paper and absorption capabilities for easier cleaning of bums and toilets.
laugh emoji1
Anonymous · 5 months ago
Agree with you
1
ZimSketch · 5 months ago
as long as Zig can't buy fuel or pay for a passport then it will be selectively accepted by sellers
👀👀 · 5 months ago
@Mai T handisi bhudhi ndirimudzimai sewe,my husband is also a civil servant,l was once a civil servant but l droped nekuti ndaisawana mukana wekuita ma side hustle acho,ticha arikuitisa ma extra lesson,mupurisa arikudya pa road ,koo servant asina mukana wekuita side hustle arikuita cy ,maticha arikungochema everyday wani,dai ndakaramba ndiri servant ndisina imba,moto uripo zvayo chero ukada hapana
jacob zuma · 5 months ago
Hanzi our rtgs is the strongest currency in southern Africa where is it now,tikazonzi kujekesa nyika yese nemagetsi ndoo chii chakadaro ichocho hey go away mhani aaaah
Jojola · 5 months ago
Thabani Mpofu agara law yake akaiitira pasi pemuti
shurushuru · 5 months ago
dai ataura zvisina basa dai akandwa mukati wangu. rbz is in panic mode nekuda kwaLawyer wepasi pemuti
LTM · 5 months ago
pasi pemuti kupiko..asi gore riye nana falcrum vake akapinza vamwe vanhu busy
𝙎𝙞𝙮𝙤𝙮𝙤 · 5 months ago
RIP ZiG (ZWG) hakuna mari yakadaro
Mmmm · 5 months ago
Say it in shona it may make sense.
Dusty Bin ceremony · 5 months ago
when is the official opening ceremony of the dustbins into which the zig will be thrown ? please advise? thank you
Erudite · 5 months ago
Ask Patrick who is well versed in that area, having already presided over a similar ceremony in Rusape.......Erudite out
Anonymous · 5 months ago
How would you know? You don't even use it.
Alby. · 5 months ago
terminology ndiyo ichatikuvadza muno muZim pane zvakawanda zvisina kuchena pakuuya kweZigi iyi ingori command currency
👀👀 · 5 months ago
masivhiru sevhandi anoona moto,chegore rino
Mai T · 5 months ago
ipfungwa dzenyu dzisina kuita mushe bhudhi. Hatina kana moto watinoona tatojaira isu tine ma business edu kuside atimirire zig salary isu.Dai takafa kare but nenyasha dzaMwari tirikuraraa
👀👀 · 5 months ago
handisi bhudhi ndiri mai wo sewe,my husband is also a civil servant,ndakatohusiya hu civil servant uhu ndatoona kt zvandaiita zvaisandipa mukana wekuita side hustle,so l wasn't meaning you dear,but those vasina mukana wekumirawo pa traffic vachipihwa chioko muhomwe,or sematicha arikupihwa yema xtra lesson ,koo asingawane mukana wacho
Jonso · 5 months ago
Taura hako ndozvasara chete kkk
Get Out ZiG Rubbish !!! · 5 months ago
whatever ! keep your sh!t zig for illegal tenders !!!! kkkk
Anonymous · 5 months ago
Well said my bru
LTM · 5 months ago
chete zimbabwe ndeye zanu zvavataura ndizvozvo kwasara kupihwa time table yebonde mudzimba dzenyu
👀👀 · 5 months ago
🤣🤣🤣🤣

Leave a Comment


Generate a Whatsapp Message

Buy Phones on Credit.

More Deals
Feedback