Dr. John Mushayavanhu, the governor of the Reserve Bank of Zimbabwe, has declared intentions to progressively shift the currency used for transactions from the US dollar to the newly established ZiG currency. He said that goods like gas and diesel will soon be available for purchase in ZiG and cautioned companies against relying solely on US dollars for payment as this might potentially cause problems for them down the road.
A business that refuses to take ZiG may find it difficult to get the money needed to pay taxes, Dr. Mushayavanhu stressed, particularly because 50% of taxes will now have to be paid in ZiG according to government plans. In addition, he emphasised how well ZiG coins and notes were received by the public, solving problems like as the lack of change.
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Dr. John Mushayavanhu emphasised that companies selling only in US dollars are breaking the law, and the Central Bank will punish noncompliant companies with fines or account freezes. With gold and foreign exchange reserves supporting ZiG, he voiced confidence in its stability and discounted the viability of the parallel market.
Vice President Kembo Mohadi backed initiatives to keep ZiG stable and promoted constructive dialogue on the currency to foster confidence among Zimbabweans. He gave Dr. Mushayavanhu acclaim for providing updates on ZiG’s success since launch.
