The Zimbabwean government has arrested 65 illegal money changers after the new currency, called the ZiG, lost 47.4% of its value on the black market in less than two weeks of being introduced on April the 8th. The ZiG is pegged at 13.56 to the US Dollar, but it has crashed and is now being traded at 20 to the US Dollar on the black market. Zimbabwean state media published pictures this evening of the illegal money changers outside the Harare Magistrates Court after their arrests. The illegal money changers have been remanded in custody until Monday for bail applications. The ZiG was launched by the Zimbabwean central bank amid much pomp and fanfare on April 8th in an effort to tame inflation which is now the highest in the world at 2647%. The Zimbabwean dollar, which is being demonetised and replaced by the ZiG, lost over 96% of its value in just 12 months. The Zimbabwean Finance Minister, Mthuli Ncube, said he had no idea why the new currency has lost so much value on the black market. “I can’t even understand where this is coming from. The fiscus remains very tight and I wonder what really is driving such premiums,” Ncube said.
This isn't a good news. But it's a good thing that the government is taking steps to address it asap. The Zim government can learn from Nigerian Government that's currently being praised for rescuing the Naira and making It the very performing currency currently. All the illegal money changers must be arrested. And all the legal money changers must be heavily regulated and monitored. Zimbabwe citizens have to come to the table too. If you keep buying even water outside of Zim the zig would fall. You guys are gonna have to decide what exactly you want? A strong currency or license to drink imported water. You can't have both. I really hope Zim succeed so that Africa as a whole can be stronger again for all the benefits that comes from that. God bless Zimbabwe. God bless Africa.
@IamEriOluwa There is a difference between Zimbabwe and Nigeria. You can buy anything with the Naira in Nigeria, but you can’t buy fuel, pay for passports or customs duty using the Zimbabwean currency.
My answer would still remain the same. Nigeria was getting there then, when some landlords, schools, and hotels were demanding dollars. But the government stopped that nonsense. You guys are gonna have to decide what you want. If you still keep buying those aforementioned things in foreign currency. Then, the zig hasn't fallen yet. It would fall hard like the walls of Jericho. The only pathway to strengthen the Zig is to restore it as the only legal tender in Zimbabwe. Any other policy is just a white elephant project. Zim citizens would have to come to the table. This is more important than who gets to lead you at the moment. You must have an honest talk with yourself about importing even water and buying things in other currencies in your country. You can just adopt another currency then if you have made peace with it. And if you must, please; adopt the Naira.
@daddyhope I have to pen this to your president. The fall of Zim isn't good for Africa. God Bless Zimbabwe. x.com/iamerioluwa/st…
@daddyhope I have to pen this to your president. The fall of Zim isn't good for Africa. God Bless Zimbabwe. x.com/iamerioluwa/st…
@daddyhope @IamEriOluwa The country must stop operating, you can not earn zig and expected to buy fuel in us$ no man something is not adding.
@daddyhope @IamEriOluwa Absolutely right. A currency that can not buy you very important things in your own Country is worse than used tissue paper! So the ZIG is a fake currency. It's only fake currencies that get refused by traders or government departments.
@daddyhope @IamEriOluwa That’s it!!!
@daddyhope @IamEriOluwa This is the truth this regime hates to hear..u can function normally with this new wine in old bottles..it's abuse,infact it's suicide😑
@daddyhope @IamEriOluwa I think overtime if you give the ZiG an opportunity it will become a legal tender for all goods and services based on its performance. Imagine the volatility it would face right now if they just said it can instantly buy fuel, it would depreciate & fuel will be scarce
@daddyhope @IamEriOluwa You have a great point Bro Hopewell, facts on the ground not until Zig pays for services shall i say it's a reliable currency.
@daddyhope @IamEriOluwa Money laundering at its best in Zimbabwe mastered by the BIG FISH
@daddyhope @IamEriOluwa Brother Hopewell, what do you suggest must be done to strengthen the Zim dollar, at this point the government will do with some advice, lam sure every Zimbabwean wants a stable currency.