By Business Reporter- Despite mounting pressure to abandon the recently introduced worthless currency, the Reserve Bank of Zimbabwe (RBZ) is forging ahead with the release of Zimbabwe Gold (ZiG) coins, sparking widespread criticism and concern among citizens.
Scheduled to debut next Tuesday, these coins mark a controversial move by the RBZ, disregarding pleas to halt the production of what many consider a futile endeavour.
Finance Minister, Professor Mthuli Ncube, speaking to state media, defended the decision, stating that the launch of the worthless coins is proceeding as planned.
The useless ZiG currency was first introduced by Reserve Bank of Zimbabwe Governor Dr. John Mushayavanhu during his presentation of the Monetary Policy Statement on April 5, igniting a storm of controversy.
Outlined in Statutory Instrument 75 of 2024, titled the Reserve Bank of Zimbabwe (Issue of ZiG Coins) Notice, 2024, the features of these coins have done little to assuage public skepticism.
According to the notice, the ZiG coins will be issued in denominations of one, two, and five ZiG. The design features include the Zimbabwe Bird on the obverse side, with the reverse side depicting symbols such as the Flame Lily, Great Zimbabwe Monument, and Victoria Falls, depending on the denomination.
Critics have lambasted the move, labelling it as a futile attempt to revive a collapsing economy.
The announcement of the composition of the coins, with the one ZiG consisting mainly of steel and nickel, further fueled skepticism about their value and utility.
As Zimbabwe grapples with economic instability and hyperinflation, the decision to prioritize the production of these seemingly worthless coins has drawn sharp rebuke from citizens and economists alike.
With the release of the ZiG coins imminent, the RBZ faces mounting pressure to address the concerns regarding the viability and purpose of introducing a currency that many perceive as destined for failure.
As the nation braces for the arrival of these controversial coins, the future of Zimbabwe’s monetary landscape remains uncertain amidst growing discontent and skepticism.
Herald