Zimbabwe 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. The ZiG’s predecessor, the Zimbabwe dollar, couldn’t be exchanged for other currencies, or traded outside the country. The international community has “reacted positively” to the new unit since its launch last month, and asked Zimbabwean authorities to ensure it’s kept stable, according to Ncube.
It will be wonderful if we can work on the currency convertibility aspect, to make sure that it’s a strong currency that is convertible and has all the features of a global currency,” said Ncube. “In order to really strengthen the currency it’s a quest that we should have in mind and we are looking into that.” Authorities do not yet have a time frame to achieve ZiG convertibility, Ncube added. The ZiG, introduced on April 5, is backed by 2.
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