The World Bank has distanced itself from being the driving force behind Zimbabwe’s new currency, the Zimbabwe Gold (ZiG).
Reserve Bank of Zimbabwe (RBZ) governor John Mushayavanhu had claimed that the World Bank was central to the ZiG initiative through consultancy, but the bank has clarified that it only offers policy advice to member states, which have the discretion to choose their own currency.
“We are committed to supporting the government of Zimbabwe in its efforts towards the country’s economic recovery,” the World Bank told the NewsHawks.
“This aligns with our goal to create a world free of poverty on a livable planet. This support includes technical expertise and in-depth research and analysis on sectors, such as the latest Zimbabwe Economic Update.
“It also includes perspectives on policy and development challenges at the request of clients. Governments tailor this advice to their contexts and ultimately make the final decisions on policy implementation in their countries.”
Mushayavanhu had initially stated that the World Bank was instrumental in the introduction of ZiG, which replaced bond notes and the RTGS. However, he has since backtracked, saying that the World Bank was not the architect of ZiG.
“We didn’t know much about structured currency. We got a consultant from the World Bank. A lot of the things you’re seeing about the structured currency actually came from the World Bank. So, if you’re going to blame me, you’re actually blaming the World Bank.