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The Reserve Bank of Zimbabwe (RBZ) Governor, John Mushayavanhu, said that the demand for the new currency, ZiG, will be huge by June 2024 when 50% of the Quarterly Payment Date (QPD) will be paid in local currency.
Speaking at the Zimbabwe National Chamber of Commerce (ZNCC) organised Monetary Policy Statement and Structured Currency review breakfast meeting held at a local hotel in Masvingo recently, Mushayavanhu said businesses refusing ZiG, such as fuel service stations, will stampede for the new currency.
Mushayavanhu advised companies that are not accepting the ZiG currency that a time will come when they will need the local currency to settle their tax obligations. He said (via <a href="https://masvingomirror.com/there-will-be-a-stampede-for-zig-come-june-mushayavanhu/">The Mirror</a>):
<blockquote>
There has been talk that if ZiG cannot buy fuel, a passport and so forth then why should people want to have it?
We are in a multi-currency arrangement. The government has said from June all QPD payments are going to be made 50% in ZiG.
That step was taken to increase demand for ZiG because one problem that we identified before we came up with a Monetary Policy statement was that there was no demand for ZiG whatsoever.
What that is going to do is that come June there is going to be a huge demand for ZiG.
</blockquote>
Mushayavanhu also stated that there is US$90 million worth of ZiG in circulation, while US$150 million worth of ZiG will be required for 50% of QPD. He added:
<blockquote>
I am saying this to forewarn people that you may be the owner of a fuel garage in Masvingo and only sell your fuel in US$, it is fine but you are also going to pay tax in June, where are you going to get the ZiG? You are better off selling some fuel in ZiG so that come June you have ZiG in place.
</blockquote>
When he launched the new currency on 05 April 2024, Mushayavanhu said the ZiG was backed by foreign currency and gold reserves. He told the ZNCC meeting:
<blockquote>
We are starting with 2,5 tonnes of gold worth US$185 million, we also have US$100 million in our bank account versus US$90 million plus or minus worth of ZiG currency in circulation.
We are more than 3 times covered and that should be a good start. We have learnt from the past that any further increase in the amount of ZiG in circulation has got to be met by the increase of reserves.
The President has directed that any royalties paid by mining companies will be paid in kind to the Central Bank and used to build up reserves for the Central Bank and this is how we built the 2, 5 tonnes.
When we buy foreign currency from exporters, who are required to surrender 25% of it in exchange for ZiG, half of the money is sold back into the market and the other half, is split into two, 50 % goes to Government to meet Government’s commitments in foreign exchange and the other 50% is used to build reserves of the Central Bank. Over time we will be building reserves.
</blockquote>
Mushayavanhu said the Central Bank introduced the governor’s daily dashboard, “where every day at 4 PM I get an update on the amount of money in circulation, reserves and exchange rate and if anything is moving in the wrong direction, we quickly act so that it’s corrected”.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

ZiG Currency Demand Set To Surge By June, Says RBZ Governor

Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu has backtracked on his initial assertion that he did not know much about structured currency and engaged a World Bank consultant before introducing the new ZiG currency.
Responding to questions from the floor during a business meeting organised by the Zimbabwe National Chamber of Commerce (ZNCC), Masvingo chapter on Friday, 03 May, Mushayavanhu said ZiG will not fail as it was not imposed on the market, but a well-thought-out and purely Zimbabwean idea. He said (<a href="https://www.herald.co.zw/zig-a-product-of-consultation-wont-fail/">via The Herald</a>):
<blockquote>
No one told us to introduce the ZiG currency, of course, when doing something, one might seek for ideas and advice from others just to fine-tune but it does not mean that if you consult on something you want to do, it means you did not originate it.
We consulted widely yes, but ZiG is my product as the Governor of the Reserve Bank and if it fails it’s my fault; it’s my brainchild.
</blockquote>
Mushayavanhu said he started mulling the idea of introducing the ZiG currency in September last year when President Emmerson Mnangagwa revealed to him that he would be the next RBZ Governor. He added:
<blockquote>
If at all it fails, but I don’t see the reason why the ZiG should fail and it will not fail; but in the unlikely event that it fails, then it’s entirely our responsibility as Zimbabweans and my responsibility as Governor of the central bank.
ZiG is a Zimbabwean-born currency, it’s a Zimbabwean product made by Zimbabweans, myself included.
</blockquote>
He said the reserves backing the currency, including gold and other precious minerals and cash reserves, would be subjected to an independent audit every year.
The results of the audit will be declared publicly while the auditors will also be allowed to express their opinions on the state of affairs as a way of building confidence in the new currency, Mushayavanhu said.
He warned those selling their goods and services using the ZiG black market rate, especially pharmacies, that they were breaking the law.
Mushayavanhu urged citizens to report such culprits to the Financial Intelligence Unit (FIU) so that action is taken against them. He said:
<blockquote>
The onus is on the members of the public to report those who are pegging the US$ to the ZiG black market rate to the FIU because the businesses that are doing that are acting illegally and they will be heavily fined that it will almost be impossible to continue doing that.
</blockquote>
The Central Bank chief said those who genuinely need foreign currency to pay for things like school fees and medication, among others, would get the money from their banks.
He, however, said people cannot simply walk into banks with their ZiG to exchange it for US dollars on the counter saying doing so will be as good as dollarising.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

ZiG Is My Brainchild, Blame Me If It Fails - Mushayavanhu

The World Bank has refuted claims that it played a key role in the conception and launch of Zimbabwe’s new currency, the Zimbabwe Gold (ZiG).
Reserve Bank of Zimbabwe (RBZ) governor John Mushayavanhu recently revealed that Zimbabwean authorities did not know much about structured currency and engaged a World Bank consultant before introducing ZiG.
But speaking to The NewsHawks, the World Bank stated that it only offers policy advice to member states, which then make the final decisions on policy implementation. The bank said:
<blockquote>
We are committed to supporting the government of Zimbabwe in its efforts towards the country’s economic recovery.
This aligns with our goal to create a world free of poverty on a livable planet. This support includes technical expertise and in-depth research and analysis on sectors, such as the latest Zimbabwe Economic Update.
It also includes perspectives on policy and development challenges at the request of clients. Governments tailor this advice to their contexts and ultimately make the final decisions on policy implementation in their countries.
</blockquote>
During an address to business executives soon after the launch of ZiG, Mushayavanhu said the World Bank was instrumental in the introduction of ZiG.
He said he was not to blame for ZiG’s perceived shortcomings, adding “So, if you’re going to blame me, you’re actually blaming the World Bank.” He said:
<blockquote>
We didn’t know much about structured currency. We got a consultant from the World Bank. A lot of the things you’re seeing about the structured currency actually came from the World Bank. So, if you’re going to blame me, you’re actually blaming the World Bank.
Maybe they didn’t advise us properly. And if they did not advise us properly, it’s fine. Let’s refine it.
</blockquote>
Mushayavanhu, has, however, since backtracked from his claims, saying ZiG was a well-thought-out and purely Zimbabwean idea.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

World Bank Distances Itself From Zimbabwe’s New Currency, ZiG

Reserve Bank of Zimbabwe (RBZ) governor John Mushayavanhu recently hosted a party attended by his Karanga tribesmen in rural Gutu, Masvingo, to celebrate his appointment as central bank boss.
As <a href="https://www.zimlive.com/article/mushayavanhu-parties-with-tribesmen-to-celebrate-rbz-appointment/">reported by ZimLive</a>, Mushayavanhu formally announced his appointment in front of relatives, in-laws, the traditional leadership and friends who attended the party.
Mushayavanhu said President Emmerson Mnangagwa broke former President Robert Mugabe’s tradition of appointing people from Manicaland to head the RBZ.
He cited the origins of predecessors Kombo Moyana, Leonard Tsumba, Gideon Gono and John Mangudya as all from Manicaland amid cheers from his tribesmen. Speaking in Shona, Mushayavanhu said:
<blockquote>
I want to thank the president for putting Masvingo in the limelight, Gutu and Mushayavanhu in the limelight.
I came to my home village to thank those who gave birth to me… your son has been appointed to a top government job.
</blockquote>
Mushayavanhu added that he will not forget the friends he grew up with and herded cattle with.
The former FBC CEO was appointed RBZ Governor in March 2024, becoming Mnangagwa’s first appointment at the helm of the central bank since taking over as president in November 2017.
Mushayavanhu’s most significant policy to date is the introduction of the Zimbabwe Gold (ZiG), the new gold-backed currency.
His predecessor, John Mangudya introduced the bond notes and also brought back the Zimbabwe dollar after a 10-year hiatus.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Mushayavanhu Celebrates RBZ Appointment With Tribesmen In Gutu

Reserve Bank of Zimbabwe (RBZ) Governor, John Mushayavanhu, has unveiled a roadmap for de-dollarization, aiming to boost the value of ZiG transactions in the economy from the current 20% to 50% by 2026.
De-dollarisation is a process of reducing reliance on the U.S. dollar (USD) as the main transacting currency to the newly introduced Zimbabwe Gold (ZiG).
Responding to questions during a Zimbabwe National Chamber of Commerce (ZNCC) breakfast meeting held in Mutare on Thursday, 25 April, Mushayavanhu said the RBZ envisages a gradual de-dollarisation process will result in the margins being reduced on a year-to-year basis. He said (<a href="https://www.manicapost.co.zw/rbz-outlines-de-dollarisation-roadmap/">via The Manica Post</a>):
<blockquote>
The market is dollarized to the extent that 80 per cent of all transactions currently happening in the country are in USD, and only 20 per cent are in local currency. Government has said 50 per cent of transactions should be done in local currency, so they are well ahead of us.
The Central Bank has come up with a roadmap towards de-dollarisation, and as we go towards 2030, we want to do it gradually so that maybe by the end of the year, we are at 70/30, in 2025 we are at 60/40, then in 2026 we are at 50/50 and after that, we will not even care to monitor it because it will happen on its own.
You will also be seeing Government reviewing the amount you pay in ZiG for tax as we go along on that roadmap.
</blockquote>
Mushayavanhu also denied reports that ZiG has depreciated on the parallel market, saying the central bank’s systems do not allow that to happen. He said:
<blockquote>
As far as the parallel market is concerned, some of these rates that you are hearing are mere quotations. We have tested this system ourselves.
As you know we have the Financial Intelligence Unit, and we unleashed them on the market to pose as forex buyers. For example, we tasked them to buy US$ 100,000 at whatever rate, and they were ready to pay.
The FIU team requested to see the US$ first before transferring the funds to the individuals’ bank accounts.
From 8 am to 8 pm, they were saying we would avail the money, and at the end of the day, nothing materialised.
If these transactions are happening for US$5 and US$10 for people who want to buy airtime, then it is normal in any economy. I don’t think we have a parallel market for meaningful business transactions.
</blockquote>
The central bank chief asserted that the parallel market will eventually die a natural death during de-dollarisation.
He reiterated that ZiG is firmly supported by gold and other precious minerals, and the RBZ does not set a fixed rate. Instead, the value has been influenced by the rising price of gold. Said Mushayavanhu:
<blockquote>
ZiG is a new currency fully backed by gold and other precious minerals. We are projecting that ZiG will be stable. The exchange rate will not move. In fact, if you look at what has been happening since April 5, ZiG has been strengthening.
The market has been influenced by the price of gold that has been going up which means that ZiG should naturally strengthen because its major anchor is gold.
That is not because the Central Bank has been interfering with the process or has said anything.
</blockquote>
Mushayavanhu said on the issue of ZiG buying fuel, the central bank is currently seized with negotiations with players in the industry so that it becomes a possibility, and the outcome of the engagements will soon be made public.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

RBZ Governor, John Mushayavanhu, Outlines De-dollarisation Roadmap

Reserve Bank of Zimbabwe (RBZ) governor John Mushayavanhu on Tuesday said the central bank still negotiating with suppliers on the possibility of fuel being sold in the Zimbabwe Gold (ZiG) currency.
Mushayavanhu appeared before the Joint Portfolio Committee on Budget, Finance and Investment Promotion, and Industry and Commerce to respond to questions on the recently announced Monetary Policy Statement (MPS). He said:
<blockquote>
We are still negotiating and making considerations on how best we can allow the selling of fuel in ZiG.
We start on taxes to be paid in ZiG and include other commodities and people are going to be advised.
We need to do our work gradually and we are going to reach that situation where[by] fuel is going to be sold in ZiG.
</blockquote>
Some of the committee members asked why fuel was being sold exclusively in US dollars when most people, especially civil servants had a salary component in ZiG. Mushayavanhu responded:
<blockquote>
Currently, we are at 85% of transactions in USD while 15% are ZiG. We will not be able to get enough ZiG if we sell fuel in the new currency.
We have US$80 million worth of ZiG in circulation on the market. In June, the country will need US$150 million worth of ZiG, hence the public must keep their ZiG…
When you get ZiG, keep it tight. By June this year, the ZiG will be hard to get. It will be very expensive. Muchaitsvaga nemaziso matsvuku.
</blockquote>
He also emphasized that the central bank will not print money not backed by reserves. He said:
<blockquote>
No money printing in future by RBZ. Any future increase will be done by increased production, and inflation variations whilst the circulation amount will be less than the reserves amount.
We will introduce money as when the economy demands. These variables are monitored daily to see the money in reserves, in circulation. I get this information every day.
</blockquote>
Mushayavanhu launched ZiG on 05 April 2024, but notes and coins will start circulating on April 30, 2024.
The exchange rate is already at ZiG20 to US$1 on the parallel market as compared to ZIG13.6 to US$1 set by the RBZ.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

RBZ Governor Mushayavanhu Speaks On ZiG's Failure To Buy Fuel

Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu has conceded that Zimbabwean authorities did not know much about structured currency and engaged a World Bank consultant before the launch of ZiG.
During a recent address to business executives, Mushayavanhu said he was not to blame for ZiG’s shortcomings as most of the input came from the World Bank official. He said:
<blockquote>
 We didn’t know much about a structured currency. We got a consultant from the World Bank. A lot of the things you’re seeing about the structured currency actually came from the World Bank.
So, if you’re going to blame me, you’re actually blaming the World Bank. Maybe they didn’t advise us properly. And if they did not advise us properly, it’s fine. Let’s refine it.
</blockquote>
On 17 April 2024, while addressing business leaders at a Zimbabwe National Chamber of Commerce (ZNCC) organised meeting in Gweru to unpack the new Monetary Policy Statement (MPS), Mushayavanhu said ZiG was invented by the Confederation of Zimbabwe Industries (CZI), and not by the Central Bank. He said:
<blockquote>
Consultations before the MPS were made, yes. My appointment was announced on December 8, but His Excellency told me on September 11 that I was going to be the Governor of RBZ.
So, I started working as Governor from as far back as September 11 and we consulted far and wide. We didn’t come to Gweru, but we spoke to the Chamber of Mines, ZNCC, Retailers Association, and CCZ, and you will be surprised to note that most of the input came from the stakeholders.
We borrowed a lot from a paper that was presented by CZI. We didn’t invent ZiG; it was invented by CZI.
They are the ones who said to us that when we look at the amount of RTGS/bonds in circulation if we convert them, we can buy it all and start afresh. This came from CZI and so we consulted far and wide.
</blockquote>
Some Zimbabweans have embraced ZiG, while others remain sceptical and believe it will eventually fail just like the RTGS and bond notes. ZiG was introduced by the Reserve Bank under SI 60/2024.
Renowned economic analyst Daniel Silke <a href="https://www.forbesafrica.com/current-affairs/2024/04/08/can-zimbabwes-new-gold-backed-currency-solve-its-economic-woes-experts-weigh-in/">warned</a> against expecting ZiG to solve Zimbabwe’s economic woes on its own, likening the launch of the new currency to putting a plaster over a wound rather than treating the underlying causes
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

"Maybe They Didn't Advise Us Properly", Mushayavanhu Blames World Bank For ZiG Shortcomings

The introduction of the Zimbabwe Gold (ZiG) currency averted a crash of accounting systems due to the buildup of zeroes as a result of the weakening Zimbabwe dollar and rising inflation, a business executive said this week.
When Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu launched ZiG on 05 April 2024, the inflation-hit Zimbabwe dollar had fallen to around $33 000 against US$1 on the interbank market and was trading above $40 000 to US$1 on the parallel market.
Speaking at a post-monetary policy statement breakfast meeting organised by Alpha Media Holdings in Bulawayo, Busisa Moyo, chief executive officer at United Refineries, said that zeros were building up on Zimbabwe’s currency and systems were struggling to cope.
Moyo, who is also chairman of the Zimbabwe International Trade Fair (ZITF) board, was one of the key business leaders consulted by Mushayavanhu before he came up with his first monetary policy statement (MPS) which introduced ZiG.
As reported by <a href="https://newsday.co.zw/theindependent/local-news/article/200025796/new-currency-averted-systems-crash">The Zimbabwe Independent</a>, Moyo told the meeting that experts who gathered to map out the MPS had several options to consider. He said:
<blockquote>
We could have removed zeros like what Zambia did. When we were looking at various options, we really had a few choices. We could have stayed where we were with the ZWL (Zimbabwe dollar), but that was a headache for accountants and for people looking at financial information from outside. A load of cooking oil was now going for ZW$1,5 billion.
</blockquote>
That would have been the second time in over a decade that systems crashed due to a buildup of zeroes on Zimbabwe’s currency.
At the peak of Zimbabwe’s financial crisis in 2007/08, up to 25 zeroes were slashed off the currency at various stages, as hyperinflation ravaged the currency which was later decommissioned in 2009.
Speaking at the same event, Mushayavanhu said the central bank will not print money to fund quasi-fiscal operations. He said:
<blockquote>
In the past, the Reserve Bank used to do what we call quasi-fiscal operations (QFOs). There is nothing wrong with that, but let me explain the history of QFOs.
When the country was placed under sanctions, the government in its own right could not borrow because no lender was willing to lend and added to that there were arrears that were at the IMF, World Bank, and so forth.
So, the central bank had to step in and was now borrowing on behalf of the government.
We have said that is the past and we have said going forward, Treasury is going to do its own thing and the central bank is going to do what it is mandated to do by the Reserve Bank Act.
The other issue that has been raised is that the central bank is a piggybank for government.
They come and take the money when they want, and they will order us to give them the money and we will say nothing, but nothing can be further from the truth. 
I think I have been on record to say when I went into the central bank I was also of the same impression.
I went there and asked for them to show me the overdraft of Treasury over the past month, past year, and the past two years.
There was nothing. Treasury has not borrowed from the central bank at all.
In the Reserve Bank Act, there is a provision that if Treasury were to borrow from the central bank, they borrow it according to a formula, but we are not necessarily going to apply that formula.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

"Introduction Of ZiG Averted Systems Crash"

Wide consultations involving economic players such as the Confederation of Zimbabwe Industries (CZI), and other key stakeholders preceded the launch of the Zimbabwe Gold (ZiG) currency.
This was said by Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu while addressing business leaders at a Zimbabwe National Chamber of Commerce (ZNCC) organised meeting in Gweru yesterday to unpack the new Monetary Policy Statement (MPS). He said:
<blockquote>
Consultations before the MPS were made, yes. My appointment was announced on December 8, but His Excellency told me on September 11 that I was going to be the Governor of RBZ.
So, I started working as Governor from as far back as September 11 and we consulted far and wide. We didn’t come to Gweru, but we spoke to the Chamber of Mines, ZNCC, Retailers Association, and CCZ, and you will be surprised to note that most of the input came from the stakeholders.
We borrowed a lot from a paper that was presented by CZI. We didn’t invent ZiG; it was invented by CZI.
They are the ones who said to us that when we look at the amount of RTGS/bonds in circulation if we convert them, we can buy it all and start afresh. This came from CZI and so we consulted far and wide.
</blockquote>
Mushayavanhu insisted that the Central Bank’s operations were independent with no Government interference as spelt out in the RBZ Act. He said:
<blockquote>
We are not subject to interference by the Ministry of Finance and Economic Development. I want to assure you that when I went to the Central Bank, the first thing I was interested in was to confirm whether or not the Ministry of Finance was dipping into the coffers of the Central Bank whenever they felt like it.
I could not find an occurrence when the ministry used its overdraft facility whenever it wanted. The Ministry of Finance is running a surplus budget and if anything, we handle their deposits and we see how they are running their accounts every day.
</blockquote>
The Reserve Bank chief said the idea behind the Monetary Policy Statement (MPS), was to ensure that the new currency was acceptable and stable. Said Mushayavanhu:
<blockquote>
Once we do that, we create an acceptable currency. Remember with the currency we had in the past, as soon as one got the RTGS in the account, they made sure that by the end of the day, they would have changed it to US dollars at whatever price.
But we want to create a stable currency, which you can sell and that way you see people banking the extra money they have and start building up towards something they will be investing in.
</blockquote>
The ZiG was launched on 05 April 2024 to replace the inflation-hit Zimbabwe dollar, which had fallen to around $33 000 against US$1 on the interbank market and traded above $40 000 to US$1 on the parallel market.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

ZiG Is A CZI Invention, Not Reserve Bank - Mushayavanhu

Reserve Bank of Zimbabwe Governor John Mushayavanhu said he is ready to intervene to curb excessive gains by the newly-introduced Zimbabwe Gold (ZiG) currency.
Zimbabwean authorities introduced the gold-backed currency on April 5, after the Zimbabwe dollar had declined 80%.
Mushayavanhu is now worried that ZiG is appreciating too fast after it advanced 1.6% against the U.S. dollar since its launch.
In an interview with <a href="https://www.bloomberg.com/news/articles/2024-04-18/zig-usd-zimbabwe-central-bank-chief-says-he-ll-curb-excessive-zig-gains">Bloomberg</a> from the central bank’s offices in Bulawayo, the second-largest city, on Wednesday, Mushayavanhu said:
<blockquote>
If it becomes too strong, the central bank can intervene by going into the market. Depending on if it becomes too strong or too weak, you can either buy or sell and bring it back to normal. We expect that if market forces are working, which they are, there may be no need for that…
Since we launched the ZiG on April 5, it has been trading and the exchange rate that you are seeing where it has firmed is not coming from the central bank, but has been determined by the market.
</blockquote>
Mushayavanhu, however, did not specify what exchange rate level would prompt an intervention.
The ZiG represents Zimbabwe’s sixth attempt to establish a functional local currency, with the bond note and RTGS serving as its immediate predecessors.
Authorities say ZiG is backed by 2.5 tonnes of gold and US$100 million in foreign currency reserves held by the central bank.
Mushayavanhu also revealed that authorities abandoned plans to establish a currency board, first touted by the Treasury, after settling on backing the new currency with reserves.
He said the inflation forecast remains unchanged at anything between 2% and 5%, adding:
<blockquote>
There is a danger of deflation. The central bank can always intervene from time to time and correct the exchange rate so that we don’t end up in deflation.
</blockquote>
The central bank chief assured foreign investors with shares on the Zimbabwe Stock Exchange that they will be able to repatriate their proceeds when they sell. Dividends can also be repatriated, said Mushayavanhu.
He expressed confidence that a firming ZiG will likely put illegal foreign currency dealers out of business.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

RBZ Governor Says He Will Curb Excessive ZiG Gains

Central Bank Governor John Mushayavanhu has pleaded with Zimbabweans to regain trust in the banking system and resume depositing their savings in banks, as they did in the past.
Zimbabweans have lost confidence in the country’s banking system over the past two decades after the Government changed currencies several times resulting in millions losing their savings.
Addressing business leaders at a Zimbabwe National Chamber of Commerce (ZNCC) organised meeting in Gweru on Tuesday, April 16, to unpack the new Monetary Policy Statement (MPS), Mushayavanhu sought to assure the citizenry saying that under his watch, the Reserve Bank of Zimbabwe (RBZ) will not indulge in excessive money printing, which causes money to lose value. He said:
<blockquote>
People need to trust the banking system again so that they can save and bank their money again. I am saying there will not be any room for excessive printing of money because that causes inflation.
Under my watch, there is not going to be any printing of money in excess of the gold that the Central Bank has.
That’s a cardinal rule at the Central Bank and we have systems that we are putting in place to make sure that we don’t break that cardinal rule. If that happens (excess printing of money) under my watch, please crucify me.
</blockquote>
Mushayavanhu reiterated that the new currency, Zimbabwe Gold (ZiG) is anchored by a composite basket of currency and precious metals, mainly gold, held as reserves for this purpose, by the Reserve Bank.
He said the government has set aside 2,5 tonnes of gold and US$300 million in cash reserves to back the new currency, to guarantee its stability. Added Mushayavanhu:
<blockquote>
Of the 2,5 tonnes, 1,5 tonnes are held in the Central Bank’s vaults, with one tonne held offshore.
So, each year, we are going to have independent auditors coming in to audit the gold and the foreign currency reserves we have that back ZiG.
We had President Mnangagwa and the media at the RBZ to see the gold reserves we have that are 2,5 tonnes and US$300 million that are backing ZiG.
We are confident that ZiG is going to address exchange rate volatility, curtail inflation and restore durable macroeconomic stability as the country works on doing away with the multicurrency regime by 2030.
Since April 6, ZiG has been stronger and remember it is backed by gold, and forex reserves that we have. You can go into a bank and buy, or go in and sell foreign currency.
There is a need for us to be positive about ZiG because there is no gain in attacking the ZiG, to anyone.
We need to start believing in it, it won’t benefit you soiling the new currency, and it won’t benefit the next generation either.
</blockquote>
Meanwhile, reports indicate that ZiG is sliding on the black market even though it has marginally gained value against other currencies since its launch earlier this month.
When the new currency was launched on April 5, it was trading at 13.56 to the U.S. dollar, before firming to 13.34, as of 17 April.
However, according to VOA, ZiG is now trading at around 20 on the black market.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Mushayavanhu Says "Crucify Me" If RBZ Reverts To Excessive Money Printing

Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu once served in ZANU PF structures as Masvingo provincial party treasurer, former Tourism Minister Walter Mzembi has said.
Posting on X last week, (April 4), Mzembi said Mushayavanhu briefly held the portfolio of provincial treasurer for ZANU PF in Masvingo. He wrote:
<blockquote>
The most encouraging attribute out of the recent appointment of the new Reserve Bank Governor Dr John Mushayavanhu is his quiet and calculating disposition. He is a reserved character and second-guessed most of the time.
In his brief stint as Treasurer for ZANU PF Masvingo Province he never uttered a word, after three meetings he concluded he had made the wrong decision to accept the co-option and quit quietly to pursue his banking career.
I would like to give him a chance starting tomorrow and I am sure he won’t rush to say if I don’t get it right in six months, fire me like both his predecessor &amp; current Minister of Finance and then stay for years after failing. Kugona basa kuriita (success comes from hard work).
</blockquote>
According to <a href="https://thenewshawks.com/rbz-chief-has-zanu-pf-credentials/">The NewsHawks</a>, Mushayavanhu is a close associate of President Emmerson Mnangagwa, and also a relative.
The two reportedly worked closely together when Mnangagwa was in charge of the ruling party business empire and the Democratic Republic of Congo (DRC) investment adventures during the Congo War from 1998 to 2002.
According to the report, before his recent appointment as RBZ Governor, Mnangagwa’s political allies wanted Mushayavanhu to replace Mangudya in 2019 when his first term ended.
Mnangagwa, however, allowed Mangudya to finish his term.
Mushayavanhu and Mnangagwa reportedly worked together behind the scenes on private sector deals, ZANU PF business networks, including the formation of FBC which was initiated by the ruling party, and also in DRC through the bank on which they were both directors for the Great Lakes country’s operation.
The NewsHawks cited a source as saying Mushayavanhu is part of Mnangagwa’s business team. Said the source:
<blockquote>
Their business network is big and wide and includes the Joshi family (Manharlal Chiunilal and Jayant Chiunilal Joshi) that Mnangagwa worked with at Zanu PF when he was still party treasurer and secretary for administration. Mushayavanhu worked with the Joshi family at the bank and on the Zuva Petroleum deal when it acquired assets worth over US$29 million from Masawara plc. Masawara had bought the assets from BP &amp; Shell in Zimbabwe.
</blockquote>
Mnangagwa is accused of appointing his Karanga clansmen from the Midlands and Masvingo provinces to the Cabinet and civil service as well as to strategic positions.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

"RBZ Governor, John Mushayavanhu, Once Served In ZANU PF Structures"

Reserve Bank of Zimbabwe (RBZ) Governor John Mushyavanhu has said the central bank has enough reserves to satisfy the foreign currency requirements of all legitimate businesses and no business needs to go to the black market to source cash for imports.
In an interview with Zimpapers Television Network (ZTN) on Thursday, April 11, Mushayavanhu said businesses should approach their banks to buy ZiGs or US dollars instead of promoting the black market.
The Street Rate has reportedly jumped since the launch of the new currency, to ZiG18 per US$1, although the money changers are paying a lot less to buy that US dollar.
The central bank has adopted a market-determined system for setting exchange rates, with the auction system being replaced by the interbank foreign exchange market.
Mushayavanhu yesterday claimed that it was a matter of time before those with ZiG will start controlling the prices. <a href="https://www.chronicle.co.zw/approach-your-banks-for-zig-us-rbz-governor/">He said</a>:
<blockquote>
I do not understand why anyone would go to the black market when we have said… if you have a legitimate foreign currency obligation to pay be it a service, be it school fees, be it import of goods, you will be able to get your money at your bank on a willing seller-willing buyer.
</blockquote>
When asked why the central bank did not put measures for ZiGs to be able to buy fuel and pay for passport fees, Mushayavanhu said it was not necessary given that the US dollar is the dominant currency in the economy. He said:
<blockquote>
The economy is 80 percent dollarised and I have said this before. Right now if I search the pockets of the people who are the audience here, I am likely to find for every US$100, $80 will be in real US and $20 equivalent in local currency.
That is the nature of things. Unless you are saying the 80 per cent that you have is not enough to pay for your rent and only the 20 per cent that is ZiG is the one that should pay for rent and nothing else.
</blockquote>
Mushayavanhu also urged banks to finalise the configuration of their systems to allow their clients to transact in ZiG before the end of this week. He said:
<blockquote>
We are urging our banks to speed up the processes of conversion, but banks are using core banking systems that have been provided by different vendors.
Some vendors were quick to convert while others did not even get their conversions until Saturday evening. So, we have allowed banks to continue the conversion processes, but obviously, we need to ensure that before the end of this week every bank is online and customers can make transactions.
We are urging our banks to speed up the processes of conversion, but banks are using core banking systems that have been provided by different vendors.
</blockquote>
Meanwhile, in a post on X, presidential spokesperson George Charamba asserted that those advocating for the use of ZiG to purchase fuel and pay for passports are inadvertently pushing for de-dollarisation. He said:
<blockquote>
If you argue that ZiG must buy everything, don’t then recoil from the logical conclusion which this leads you to, namely that let’s get back to a single currency. Which argument I like, by the way!
</blockquote>
The shift from the Zimbabwe dollar system to ZiG has caused confusion and uncertainty among businesses. Companies have had to adapt their financial systems, pricing structures, and accounting practices to accommodate ZiG.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Approach Your Banks For ZiG, USD; Mushayavanhu Tells Businesses

The Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu has reiterated that the Zimbabwe dollar remains legal tender for all domestic transactions until April 30, when the Zimbabwe Gold (ZiG) notes and coins will come into circulation.
This comes after some traders, public transport operators and members of the public, stopped accepting the Zimbabwe dollar notes in response to the introduction of the “structured currency”.
During a 2024 Monetary Policy Statement breakfast meeting in Harare on Tuesday, 09 April, Mushayavanhu said that Zim dollar notes remain legal tender, and banks can continue to dispense them to their customers. He said:
<blockquote>
Between now and April 30, 2024, the bond notes are still legal tender; banks can pay them out to customers, and people should be able to use those to transact and for change. It is only after the 30th that we will be introducing the new notes and coins.
On Saturday, a day after he announced the launch of ZiG, Mushayavanhu said that the central bank will conduct an extensive educational and awareness campaign on the new currency’s structure and security features before the notes and coins are released on April 30.
</blockquote>
The central bank chief on Tuesday also sought to assure the public that ZiG was going to be a stable currency. He said the new currency had already started appreciating after gaining in Monday and Tuesday trading sessions on the interbank market. He said:
<blockquote>
If you are a retailer and you put a 10 per cent margin, you are most likely to be outside the market. You cannot put 10 per cent on top of a stable exchange rate, so you are going to moderate yourselves.
If you do not apply it and take the interbank exchange rate, you are not flouting the law, but if you apply more than 10 percent, you will be above the official exchange rate of 13,50 ZiG and (You will be around) probably 14 ZiG, hence you will price yourself out of business and will not be able to sell your products.
</blockquote>
Mushayavanhu said Statutory Instrument 185 of 2020 which authorises dealers and the market to price goods and services based on the prevailing interbank market rate plus a margin of up to 10 percent should be withdrawn.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Zimdollar Remains Legal Tender Until 30 April - RBZ

Nesbert Munyuki and Valentine Ziko, co-leaders of the Zimbabwe National Students Union (ZINASU), insist that President Emmerson Mnangagwa revoke the appointment of top banker John Mushayavanhu as the new Reserve Bank of Zimbabwe (RBZ) governor, citing its illegality.
As reported by <a href="https://www.zimlive.com/uz-student-leaders-confront-mnangagwa-over-mushayavanhu-appointment-as-rbz-boss/">ZimLive</a>, Mushayavanhu, a business associate of Mnangagwa, became the central bank boss on May 1, 2024, replacing John Mangudya whose term was about to lapse.
In a letter addressed to President Mnangagwa and dated April 2, 2024, Munyuki and Ziko said Mushayavanhu is a shareholder of FBC Holdings Limited which wholly owns FBC Bank.
The two University of Zimbabwe students cited section 16 of the RBZ Act which disqualifies shareholders of any local banking institutions from appointment as governor of the apex bank. Through their lawyers Kossam Ncube and Partners, they wrote:
<blockquote>
We confirm that following mandatory disclosure by Dr Mushayavanhu himself, the Zimbabwe Stock Exchange, issued a public notice dated the 8th of June 2020 advising the public of his acquisition of shares in FBC Holdings.
The aforesaid notice advised the public that through a company called Tirent Investments (Pvt) Limited, on the 4th of June 2020, he purchased 1,925,000 shares in FBC Holdings to the value of ZW$4,427,500 raising his shares in the company to 42,325,00.
Yet again, on the 14th September 2020, the Stock Exchange pursuant to disclosure from him, issued another notice advising the public that on the 9th September 2020 through Tirent Investments, he made an additional purchase of 512,200 shares for the sum of ZW$5,112,000,00 increasing his total number of shares in FBC Holdings to 43,768,149.
</blockquote>
The two student leaders argued that following yet another mandatory disclosure from him, the Zimbabwe Stock Exchange issued a public notice on the 24th of June 2021, advising the public of another purchase of shares in FBC Holdings on his part. They said:
<blockquote>
The public notice advised that on the 22nd of June 2021, through Tirent Investments (Pvt) Ltd, he purchased 207,000 additional shares in FBC Holdings to the value of ZW$6,104,354,65 taking his total number of shares post the transaction to 43,768,149.
Furthermore, public information available at the Zimbabwe Stock Exchange confirms that indeed, Tirent Investments, the vehicle through which he has been purchasing shares in FBC Holdings, holds about 7% shareholding in the listed company.
</blockquote>
The student leaders asserted that FBC Holdings Limited wholly owns FBC Bank. They highlighted that Mushayavanhu, through his investment vehicle Tirent Investments, is a shareholder in a company that wholly owns a registered and trading banking institution.
The two students insisted that Mnangagwa reverse Mushayavanhu’s appointment within five days, or else they would initiate legal proceedings.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

UZ Student Leaders Give Mnangagwa Five-Day Ultimatum To Reverse Mushayavanhu's Appointment As RBZ Governor

The Government of Zimbabwe has replaced the Zimbabwe dollar with a new unit called the ZiG backed by a basket of foreign currency and gold.
Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu told a press conference in Harare on Friday, 05 April, that the ZiG, short for Zimbabwe Gold, would be launched on April 8 at an introductory level of 13.56 per dollar and a new interest rate set at 20%.
In his maiden monetary policy statement Mushayavanhu said all Zimdollar prices in the shops must now be converted to the new ZiG.
Mobile operators, such as money transfer services, have until Monday to shift their platforms to the new ZiG. All Zimdollar balances will now be converted to this new currency. Said Mushayavanhu:
<blockquote>
With effect from 5 April 2024, banks shall convert the current Zimbabwe dollar balances into the new currency which shall be called Zimbabwe Gold (ZiG) to foster simplicity, certainty, and predictability in monetary and financial affairs.
The new currency will co-circulate with other foreign currencies in the economy. The swap rate will be guided by the closing interbank exchange rate and the price of gold as at 5 April 2024.
The swap rate shall be used to make legitimate conversions of all ZW$ deposits in the banking sector; all ZW$ loans and advances made by the sector; ZW$ treasury bills; all outstanding auction allotments; all export surrender obligations; all prices of goods and services in ZW$; and any other ZW$ denominated obligations.
On conversion of all current ZW$ balances, banks are directed to rename all the current ZW$ accounts as ZiG accounts.
Gold-backed Digital Token (GBDT) accounts will no longer be called ZiG accounts but will be known as GBDT accounts.
All ZW$ notes and coins held by account holders will be credited into their ZiG accounts using the applicable conversion factor.
The banks will continue to accept these deposits for a period of 21 days after 5 April 2024. The Reserve Bank has made special arrangements for those without bank accounts to swap their ZW$ notes and coins at POSB and AFC Commercial Bank within 21 days after 5 April 2024.
In instances where the cash holding to be exchanged is above ZW$100,000, banks shall apply the requisite know your customer (KYC) and Customer Due Diligence (CDD) principles.
</blockquote>
Mushayavanhu also said the central bank will only print money that is fully backed by forex reserves or assets, and that he will make sure that the currency is fully convertible into the reserve currency on demand. He said:
<blockquote>
The introduction of the new structured currency will naturally require the issuance of new banknotes to facilitate transactions in the economy, whilst maintaining the Bank’s policy of a cash-lite economy.
These notes shall be issued gradually in the market to cater for small transactions and to ensure the availability of change, thus, mitigating the use of retail vouchers in the local economy. As such, the proposed denominations will bring convenience to the transacting public.
Accordingly, ZiG notes and coins shall be issued in denominations made up of 1ZiG, 2ZiG, 5ZiG, 10ZiG, 20Zig, 50ZiG, 100ZiG, and 200ZiG which will be distributed through the usual normal banking channels and, will be fully covered by the quantity and value of gold and foreign currency held as reserves. The currency denominations are also informed by the intervening exchange rate of the ZiG to the US$.
</blockquote>
The USD remains legal tender, and the multicurrency system will stay until at least 2030.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

All Zimdollar Balances To Be Converted To ZiG - RBZ

On Thursday, President Emmerson Mnangagwa decided to retire Reserve Bank of Zimbabwe (RBZ) governor John Mangudya a month ahead of schedule. This move was aimed at providing space for his successor, John Mushayavanhu, to issue a long-awaited Monetary Policy Statement (MPS), as reported by <a href="https://www.newsday.co.zw/local-news/article/200024983/why-mnangagwa-cut-short-mangudyas-reserve-bank-stay">NewsDay</a>.
Mushayavanhu is anticipated to devise new strategies to stabilize the economy, which is grappling with surging inflation and significant depreciation of the local currency.
According to NewsDay, a source revealed that Mnangagwa found himself compelled to take action after prematurely disclosing the government’s intentions to introduce a structured currency. Said the source:
<blockquote>
It would not have made sense to allow Mangudya to release a Monetary Policy Statement (MPS) when he will be leaving office in a month.
In addition, monetary authorities were under pressure to release the MPS after President Mnangagwa jumped the gun by announcing plans for a structured currency. The announcement caught everyone by surprise.
</blockquote>
Next week, Mushayavanhu is set to unveil the highly anticipated Monetary Policy Statement (MPS), wherein he will delve into the structured currency—a potential long-term remedy for the woes faced by the Zimbabwe dollar.
On Thursday, Deputy Minister of Finance, Economic Development, and Investment Promotion, Kudakwashe Mnangagwa, alluded to forthcoming measures aimed at shoring up the local currency.
Posting on the Ministry’s X page, Mnangagwa advised Zimbabweans against disposing of the Zimdollar. He wrote:
<blockquote>
We have been receiving enquiries about the surge in the exchange rate, which right now can be attributed to the anxiety and anticipation of the upcoming Monetary Policy Statement which is around the corner.
If I were to irresponsibly give unsolicited advice, I would urge Zimbabweans with their hard-earned ZWL not to hedge against it.
Government is committed to ensuring that there will be no loss of value through the introduction of currency stabilisation measures.
</blockquote>
In a notice published in the Government Gazette yesterday, Finance, Economic Development and Investment Promotion Minister Mthuli Ncube said:
<blockquote>
It is hereby notified that His Excellency the President has, in terms of section 14 of the Reserve Bank of Zimbabwe Act [Chapter 22:15] appointed John Mushayavanhu as the governor of the Reserve Bank of Zimbabwe for a period of five years beginning on March 28, 2024 and ending on March 27, 2029.
</blockquote>
In December 2023, Mnangagwa appointed Mushayavanhu as Mangudya’s successor. His official start date was May 1, immediately following the end of Mangudya’s term.
Mangudya’s term was scheduled to conclude on April 30, at which point he would transition to his new role as the Chief Executive Officer of the Mutapa Investment Fund on May 1.
Mushayavanhu faces the formidable challenge of halting the Zimdollar’s rapid depreciation. Over the past three months, it has plummeted by more than 250%, and last year alone, the local currency depreciated by a staggering 700%.
Despite previous efforts, the government’s measures to stabilize the local currency have proven ineffective.
Back in 2022, when the government introduced gold coins to absorb excess local currency, the Zim dollar was trading at a rate of US$1 to ZWL$2,000 on the parallel market.
By yesterday, March 28, 2024, the parallel market rate had surged to ZWL$30,000 per US$1.
The depreciation of the currency has driven up prices, resulting in annual inflation skyrocketing to 55.3% in March from 47.62% in February.
Interestingly, inflation has continued to rise even though more than 80% of transactions now occur in United States dollars.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Here Is What Prompted Mnangagwa To Cut Short Mangudya’s RBZ Tenure

President Emmerson Mnangagwa has appointed John Mushayavanhu as the new Reserve Bank of Zimbabwe (RBZ) Governor.
The appointment is for five years beginning on 28 March 2024, and ending on 27 March 2029.
The Minister of Finance, Economic Development, and Investment Promotion, Mthuli Ncube, announced Mushayavanhu’s appointment as the new central bank Government through General Notice 410 of 2024 dated March 29, 2024. It reads:
<blockquote>
IT is hereby notified that His Excellency the President has, in terms of section 14 of the Reserve Bank of Zimbabwe Act [Chapter 22:15], appointed John Mushayavanhu as the Governor of the Reserve Bank of Zimbabwe for a period of five years beginning on 28th March, 2024, and ending on the 27th March, 2029.
</blockquote>
Mushayavanhu is beginning his first term as RBZ governor a month earlier than initially expected. His predecessor John Mangudya’s term of office was due to end on April 30.
Mushayavanhu is expected to issue the Monetary Policy Statement (MPS) shortly. The MPS has been delayed since February when it was legally due.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

OFFICIAL: John Mushayavanhu Appointed RBZ Governor

Reserve Bank of Zimbabwe (RBZ) Governor John Panonetsa Mangudya is set to leave his post at the central bank when his 10-year term of office ends in April next year.
According to a statement issued by the Chief Secretary to the President and Cabinet, Martin Rushwaya this Friday. Mangudya will become the Chief Executive Officer of the Mutapa Investment Fund when he leaves the central bank.
<a href="https://www.pindula.co.zw/John_Mushayavanhu/">John Mushayavanhu</a>, the FBC Holdings Group Chief Executive Officer, will take over from Mangudya as RBZ Governor. Read the statement:
<blockquote>
His Excellency the President has in terms of Section 8 (b) (1) of the Sovereign Wealth Fund Act [Chapter 22:20] appointed Dr. John Panonetsa Mangudya to the post of Chief Executive Officer of the Mutapa Investment Fund.
Dr. Mangudya’s 10-year term of office at the helm of the Reserve Bank of Zimbabwe ends on 30 April 2024 in terms of Section 15(3) of the Reserve Bank of Zimbabwe Act [Chapter 22:15).
Dr. Mangudya shall be succeeded by Dr. John Mushayavanhu as Governor of the Reserve Bank of Zimbabwe.
Dr. Mushayavanhu is a career banker, with over 30 years of banking experience, having worked at Standard Chartered Bank and FBC Bank in senior capacities.
Dr. Mushayavanhu holds several educational qualifications including a Master’s Degree in Business Administration and a PhD in Business Administration.
These senior appointments have been made in line with the dictates of good corporate governance on succession planning for forward guidance of the market.
</blockquote>
Journalist Hopewell Chin’ono has described Mushayavanhu as President Emmerson Mnangagwa’s “clansman”, adding that the President’s “surrogates” from Masvingo and Midlands Provinces are now in charge of key State institutions. Said Chin’ono:
<blockquote>
The appointment of President Mnangagwa’s clansman, John Mushayavanhu as the new Reserve Bank Governor is hidden in this appointment of John Mangudya.
Mnangagwa has completed the takeover of all key Zimbabwean institutions appointing his surrogates from the Midlands and Masvingo!
His “boys and girls” are now fully in charge of all key State institutions!
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

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