{"id":11444,"date":"2024-04-16T11:55:29","date_gmt":"2024-04-16T11:55:29","guid":{"rendered":"https:\/\/qiraatafrican.com\/en\/?p=11444"},"modified":"2024-04-16T11:55:29","modified_gmt":"2024-04-16T11:55:29","slug":"zimbabweans-forced-to-use-us-dollar-in-absence-of-new-currency-zig","status":"publish","type":"post","link":"https:\/\/qiraatafrican.com\/en\/11444\/zimbabweans-forced-to-use-us-dollar-in-absence-of-new-currency-zig\/","title":{"rendered":"Zimbabweans forced to use US dollar in absence of new currency ZiG"},"content":{"rendered":"

Zimbabwe\u2019s informal traders who account for about\u00a075% of all employment in the nation have stopped\u00a0accepting the ZIMdollar also know as RTGS dollar fearing its value\u00a0has declined.<\/p>\n

The new ZIG currency which was supposed to be effective from April 8 was delayed until the\u00a0April 30th, leaving the US Dollar,\u00a0dominating the market.<\/p>\n

“When you introduce new measures, you will be hoping that,\u00a0you will bring stability and lower inflation but you need to\u00a0be disciplined and sincere about the process,” economist\u00a0Happy Zengeni explained.<\/p>\n

“The ordinary Zimbabwean does not have the capacity to\u00a0inject\u00a0liquidity into the economy but capacity rests with the\u00a0authorities so they need to be sincere about it.”<\/p>\n

\n
\n

Before the announcement of the launch of the new gold-backed currency , ZIG, the Zimdollar was trading at 28,720 to 1 US dollar.<\/p>\n

Ordinary Zimbabweans like street vendor Mildred Mapfumo are dejected:<\/p>\n

“I sell fruits for a living and I had been saving the RTGs Dollar for a while in order to pay tuition for my children but now we\u00a0woke up to the news that our money is no longer valuable, I\u00a0don\u2019t even know how I will navigate this.”<\/p>\n

Zimbabwe is not new to currency change, we have seen the RTGs dollar being rolled and eventually being phased out and before that was the bearers cheques however, Zimbabweans are really worried about the extent to which this new ZiG, will be able to curb inflation that has been going on in the country.<\/p>\n<\/div>\n<\/div>\n