Sikhulekelani Moyo-Zimpapers Business Hub

GOVERNMENT is working on improving the Zimbabwe Gold (ZiG) currency cash circulation following a public outcry over limited local currency cash in the market, Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube said.

This follows the introduction of the gold-backed domestic currency in April last year to replace the inflation-weary Zimbabwe dollar.

Already, the local currency has proved to be stable, amid an increasingly stable exchange rate and declining inflation.

“So, we are working on this, and this will be launched as we go along. We are going to make sure that the public can have more of this ZWG in circulation and feel it in cash form as we go forward.”

Minister Ncube said the authorities wanted to do it in a manner that is prudent, not reckless and that continues to show the public that they are responsible.

The Government has been implementing a range of measures to promote wider use of the currency, including enforcing the mandatory acceptance of ZWG for all local transactions, expanding access to ZWG-denominated banking and digital payment platforms and ensuring the availability of smaller denominations to facilitate everyday purchases.

Furthermore, the RBZ has maintained a tight monetary policy to control money supply growth, supported by increased gold and foreign currency reserves backing the ZWG.