"Zimbabwe seeks full convertibility of ZiG currency, Finance Chief says"

" Zimbabwe seeks full convertibility of ZiG currency, Finance Chief says \r\n\r\nZimbabwe will seek full convertibility of its new currency, the ZiG, as a way to further support the unit and protect it from collapse, according to Mthuli Ncube, the Finance Minister.\r\n\r\nThe ZiG\u2019s predecessor, the Zimbabwe dollar, couldn\u2019t be exchanged for other currencies, or traded outside the country. The international community has \u201creacted positively\u201d to the new unit since its launch last month, and asked Zimbabwean authorities to ensure it\u2019s kept stable, according to Ncube.\r\n\r\n\u201cEveryone is looking for stability in order to have a predictable environment for running an economy,\u201d Ncube said in an interview Thursday on the sidelines of an investment summit in Johannesburg. Zimbabwe consulted the International Monetary Fund and received technical advice from the World Bank on the new currency, central bank Governor John Mushayavanhu has said previously.\r\n\r\n\u201cIt will be wonderful if we can work on the currency convertibility aspect, to make sure that it\u2019s a strong currency that is convertible and has all the features of a global currency,\u201d said Ncube. \u201cIn order to really strengthen the currency it\u2019s a quest that we should have in mind and we are looking into that.\u201d\r\n\r\nAuthorities do not yet have a time frame to achieve ZiG convertibility, Ncube added.\r\n\r\nThe ZiG, introduced on April 5, is backed by 2.5 tons of gold and about $100 million in foreign currency reserves. Earlier this week, the central bank introduced ZiG banknotes and coins to members of the public for the first time.\r\n\r\nThe central bank\u2019s deputy governor, Innocent Matshe, earlier Thursday said the nation has fully migrated to the ZiG, Zimbabwe\u2019s sixth attempt to have a functional local currency."

"Zimbabwe seeks full convertibility of ZiG currency, Finance Chief says"

Global Carbon Emissions Reach Record High Despite Green EffortsAMP

President Mahama’s ‘24-Hour Economy’ Mirrors Past Policies, Faces Implementation ConcernsAMP

Naira Set to Break Below N1,500/$ ResistanceAMP