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Every ZiG cent will be backed by gold – RBZ

Story by Owen Mandovha, Business Reporter

THE newly introduced Zimbabwe Gold (ZiG) currency dominated discourse at the International Business Conference held on the sidelines of the Zimbabwe International Trade Fair (ZITF) in Bulawayo this Wednesday, with the government assuring foreign investors that the new currency will be internationally accepted.

The Reserve Bank of Zimbabwe’s Deputy Governor, Dr Innocent Mathe took the opportunity to assure the foreign audience attending the International Business Conference at the ZITF that every cent of the new ZiG currency will be backed by gold and foreign currency.

“There is no way the Central Bank will introduce any currency that is not backed by gold or reserves. This we are doing to ensure that we stabilize the currency and unlike in the past whereby we not in firm control of the exchange.”

The Minister of Industry and Commerce Honourable Mangaliso Ndlovu made a strong presentation on Zimbabwe’s path to full industrialisation underpinned by innovation.

“We have witnessed the need to sustain our industrialization which is led by innovation and indeed the country has realized new industries and factories that respond to the modern needs of our economy.”

Furthermore, the treasury highlighted the advances made by Zimbabwe in harnessing climate change financing for sustainable economic growth.

“Climate change remains the greatest threat to our economic growth projections and industrialisation just like any other country but as Government we have adopted many financing mechanisms to ensure that our path to industrialization remains undefeated to create a modern economy,” said the Minister of Finance, Economic Development and Investment Promotion, Professor Mthuli Ncube.

The International Business Conference was fully subscribed with the government providing its policy case as one of the fastest growing economies in Sub-Sahara Africa with this year’s edition of the ZITF expected to provide value for money to exhibitors.

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