ST PETERSBURG, Russia — President Emmerson Mnangagwa has expressed strong confidence in Zimbabwe’s new gold-backed currency, ZiG, emphasizing that its introduction followed two years of meticulous planning and preparation. He affirmed that the currency is built on solid economic foundations and is poised for success.
ZiG was officially launched by Dr. John Mushayavanhu, the new Governor of the Reserve Bank of Zimbabwe, during his inaugural Monetary Policy Statement on April 5. The new currency has since gained widespread acceptance among the public, contributing to exchange rate and price stability, which in turn has enhanced Zimbabwe’s economic outlook.
Gold Reserves Ensure Currency Stability
In an interview with Russian media, President Mnangagwa highlighted that ZiG’s backing by substantial gold reserves virtually eliminates the risk of failure.
“We have more than enough reserves to back the currency,” said President Mnangagwa. “We spent two years developing this gold-backed currency. We have inspected our gold reserves, and they are robust. Our economy is now based on solid fundamentals.”
Thorough Preparation for Economic Growth
President Mnangagwa emphasized that extensive research and due diligence were conducted before the currency’s introduction. He believes ZiG lays a strong foundation for Zimbabwe’s future economic growth.
“Before introducing ZiG, we conducted thorough research over two years and realized we needed a solid, structured gold reserve-backed currency,” he said.
Impact of Sanctions and Call for Dialogue
Addressing the issue of Western sanctions, President Mnangagwa condemned the measures as unjustified and detrimental to Zimbabwe’s economic progress, particularly in terms of accessing lines of credit.
“Sanctions are illegal and baseless. They hinder our ability to obtain necessary resources and credit,” he stated.
Advocacy for Peaceful Resolution in Russia-Ukraine Conflict
Regarding the Russia-Ukraine conflict, President Mnangagwa advocated for dialogue as the sole resolution method.
“We believe in dialogue to resolve conflicts. Leaders should engage in discussions to find mutual understanding and peace,” he said.
Participation in St. Petersburg International Economic Forum
President Mnangagwa’s statements came during his visit to Russia, where he was invited by President Vladimir Putin to attend the 27th St. Petersburg International Economic Forum. Since its inception in 1997, the forum has become a premier global platform for business leaders to discuss significant economic issues affecting Russia, emerging markets, and the global economy. The event has been held under the auspices of the Russian President since 2006, with President Putin attending each year.
