News Formal

Zimbabwe: Finance Minister Mthuli Ncube Drags Feet On Appointing Independent Auditors to Check Gold Reserves Backing ZiG Currency

  • 📰 allafrica
  • ⏱ Reading Time:
  • 35 sec. here
  • 14 min. at publisher
  • 📊 Quality Score:
  • News: 59%
  • Publisher: 99%

Africa Nyheter

News,Politics,Economy

Finance Minister Prof Mthuli Ncube has dragged his feet in clarifying whether there are any independent auditors appointed to verify the reserves backing the just introduced ZiG currency.

The nation's sixth currency was introduced on April 5 2024 with the Reserve Bank of Zimbabwe claiming that it was backed by 2,5 tons of gold and US$100 million cash.

"It's very important for the public to be confident about the existence of these reserves that are backing the currency. By law, we have put in place mechanisms that auditors should be able to audit the existence of this gold. "Most African countries and many others in emerging markets are facing trouble in stabilising their currencies. Everyone is trying to figure out how best they can stabilise their currencies to maintain competitiveness.

He underscored that the nation was not returning to the gold standard and stressed the commitment to limit the issuance of the domestic currency and reserve money and only to increase it in line with base reserve assets.

Vi har sammanfattat den här nyheten så att du kan läsa den snabbt. Om du är intresserad av nyheterna kan du läsa hela texten här. Läs mer:

 /  🏆 1. in SE
 

Tack för din kommentar. Din kommentar kommer att publiceras efter att ha granskats.

Sverige Senaste nytt, Sverige Rubriker

Similar News:Du kan också läsa nyheter som liknar den här som vi har samlat in från andra nyhetskällor.

Catalytic Climate Finance Facility opens call for applications of market-ready blended climate finance solutionsSouth Africa Today, News source, provides breaking news on South Africa, world, Africa, sport, travel and more.
Källa: SATodayNews - 🏆 44. / 51 Läs mer »

Somalia: UN Officials Meet Minister of Finance of SomaliaThe Minister of Finance of SomaCatriona Lainglia, Bihi Iman Cige met with top United Nations officials in Mogadishu, the country's capital on Sunday.
Källa: allafrica - 🏆 1. / 99 Läs mer »

South Africa: Finance Minister to Determine NHI Funding After Bill Signing - South African News BriefsFinance Minister to Determine NHI Funding After Bill Signing
Källa: allafrica - 🏆 1. / 99 Läs mer »

South Africa's contingency reserves won't be spent on Eskom, Transnet, finance minister saysSouth Africa's contingency reserves won't be spent on Eskom, Transnet, finance minister says
Källa: City_Press - 🏆 7. / 72 Läs mer »

ActionSA's Trollip says EFF wants Shivambu as finance minister so they can ‘steal’The ActionSA Eastern Cape chairperson said coalitions had become transactional deals to satisfy politics of the stomach
Källa: mailandguardian - 🏆 2. / 92 Läs mer »