By Business Reporter- The newly appointed Reserve Bank of Zimbabwe Governor John Mushayavanhu has distanced himself from adopting the Zimbabwe Gold (ZiG) currency.

 The currency, which saw a rapid decline in value just a week after its introduction, has raised concerns among economic circles.

Addressing business leaders at a meeting organized by the Zimbabwe National Chamber of Commerce (ZNCC) in Gweru, Mushayavanhu attributed the creation of ZiG to economic stakeholders such as the Confederation of Zimbabwe Industries (CZI) and others.

He clarified that consultations regarding the new Monetary Policy Statement (MPS) had been extensive and inclusive.

 Mushayavanhu emphasized the independence of the Central Bank’s operations, highlighting that the RBZ operates autonomously, as outlined in the RBZ Act.

Furthermore, Mushayavanhu emphasized the goal of stability and acceptability for the new currency. 

He intended to create a currency that would be resilient against rapid depreciation, fostering user confidence and encouraging savings and investment.

The ZiG currency was launched on April 5, 2024, aiming to replace the Zimbabwe dollar, which had suffered from severe inflation, trading at exorbitant rates against the US dollar on interbank and parallel markets.

 However, the ZiG’s value plummeted shortly after its introduction, prompting scrutiny and concern within Zimbabwe’s economic landscape.