What is ZiG? According to the new 'clown' {oops, Governor} of the Reserve Bank of Zimbabwe [RBZ] it, {Zimbabwe Gold - and other Reserves(?) in "support"} has been shoe-horned into Zimbabwe to replace the previous failed currency and currencies "initiatives". The Previous iteration was launched in an equally exciting fanfare at a claimed exchange rate of 1Zim$ to 1 USD, yes One-to-One! On the black market recently, it was trading around 40-45,000 Zim$ to 1USD and in supermarkets at 25,000:1. So an utter failure with the added {bonus} for Zanu PF looters/plunders/thieves that it has stolen the USD wealth of the Nation in exchange for literally worthless 'paper'.
Whilst Bloomberg has reported "success" and commentaries welcomed it {??? how}
Others have cried "Scam" or worse; see below
5th April 2024: Steve Hanke on Twitter/X: ""ZIM's latest financial gamble: ANOTHER "currency" backed by gold tokens, scheduled to be launched late this week. The tokens aren't convertible into gold or gold coins. It looks like another ZIM financial scam. Reserve Bank of Zimbabwe Gov. John Mushayavanhu = CLUELESS, CROOK, OR BOTH?""
9th April 2024: Steve Hanke on Twitter/X: ""Zimbabwe has introduced a new currency – the ZiG – the 6th in TEN YEARS. The ZiG is supposed to be backed by gold. BUT WHERE’S THE GOLD? Where there’s a ZiG, there’s a ZAG.""
10th April 2024: Dr Walter Mzembi {Ex Zimbabwe Minister} on Twitter/X: ""ZiG exemptions for some sectors are an indictment . Its a cousin currency of the Bond , RTGS as long as it can't buy fuel . Secondly the decision to exempt fuel sector reeks of conflict of interest, where the elite want to save their businesses from collapse but are prepared out of their own decisions to see everything else in Commerce collapse.
Why did you launch this currency then if you didn't have your act together?""
9th April 2024: ZBC News Online {Regime captured News Channel} on Twitter/X: ""ZiG currency will not be weakened by any form of manipulation," says RBZ governor, as illegal forex traders "spend days basking in the sun...""
9th April 2024: ZHRO on Twitter/X in Reply to @ZBCNewsonline: ""On the contrary ZiG is itself “manipulation”, based on empty promises, empty vaults & empty minds. From an illegal regime with a proven history of looting! Of looting Gold, Zimbabwe Gold!
9th April 2024: Fadzayi Mahere on Twitter/X: ""Lawyers will tell you that it is impossible to convert ZWL to Zig because section 2(7) of SI 60 of 2024 does not specify the quantity of the gold whose price is referred to. It’s incurably ambiguous because it’s unclear whether they intended to refer to the one milligram of gold referred to in section 5 or simply to the value of one ZiG as calculated in terms of section 5. Consequently, the SI as it stands doesn’t allow for a conversion of ZWL to ZiG because of the missing gold measure. It’s a mess.""
9th April 2024: Prof Gift Mugano on Twitter/X: ""Our esteemed Governor underestimate the power of the black market. The decision by GOZ’s to allow exclusive use of USD at the fuel stations is the biggest mistake 101. The black market can’t be killed by ZiG. Rather, ZiG will be killed by money changers. Mark this post""
7th April 2024: Retweet from Tendai Biti on Zim Media Review {10th April 2024}: ""Veteran lawyer and former opposition legislator Tendai Biti , who was Finance minister during the dollarisation era, said the #ZiG was destined for #failure because it was established on shaky ground.""
However the constant looting, smuggling and stealing of the Gold out of Zimbabwe, has with this insane idea now exposed that "the cupboard is bare"! Where has the 30-40 tonnes per annum production of {Claimed} Gold gone to? Is it all lies, deceit and fraud - or as the cartoon suggest in the hands of 'persons unknown' or suspected?
For the New Governor to be showing the {illegal} ED Mnangagwa a practically empty metal cupboard, as the "support" for this 'new currency, was to publicly proclaim it was an admission of sovereign theft on a grand scale.
"Where is the rest of It?" ED could have enquired if he had a modicum of intellect! But alas this 'stolen government' and its installed ministers, appear not to be aware of such issues. Complacent and complicit in the Gold Mafia themselves. {See Previous Articles and in South Africa and the Al Jezeera Gold Mafia Series}
The farce of the Zanu PF regime continues unabated. As we have promoted Zimbabwe needs a "ZEXIT" - A separation of the Zanu PF {Political Party} from the Functioning of the Republic of Zimbabwe - unless this happens the corruption, looting and violence will continue. Zanu PF have INFECTED every aspect of the State administration of the Republic and all connected functions.
