Mudzuri Raises Concerns Over Zimbabwe’s New Currency, Zig

Doubts Arise Regarding Zig’s Potential Success as Mudzuri Calls for Sound Economic Policies

By Priviledge Zviregei

In a recent statement, prominent Zimbabwean opposition figure Engineer Elias Mudzuri expressed skepticism regarding the introduction of Zimbabwe’s new currency, Zig.

Mudzuri, like many Zimbabweans, shared the desire for a stable currency, drawing comparisons to neighboring countries such as Mozambique, Zambia, and South Africa. However, he voiced concerns over the implementation of Zig, suggesting that the current approach may not yield different results from previous failed currency ventures.

“Every Zimbabwean wishes to have a stable currency like Mozambique, Zambia, South Africa, and elsewhere. However, it is challenging to accept that Zig will be different from previous currencies. It is crucial to reconsider the approach. While innovation is commendable, repeating past mistakes and expecting different outcomes is not the solution.”

Mudzuri emphasized that the architects of the Zig transaction process may be misleading the nation. He called for someone to prove him wrong, asserting that Zimbabwe has undergone numerous currency changes in the past. He emphasized the need to find a sustainable solution by shifting attitudes towards currency stabilization.

He raised concerns about the confidence Zig could inspire, particularly due to the lack of preparation in terms of distributing the new currency to the people. Mudzuri highlighted the potential difficulties faced by the general population, especially individuals in rural areas, who may struggle to adapt to sudden monetary changes.

“I strongly believe that the architects of this Zig transaction process are potentially deceiving the country. We have experienced numerous currency changes in the past, and it is time to put an end to it. Zimbabweans are educated, and we need a group of technocrats to sit down and find ways to change our approach to currency stabilization.”

“The way the Zig has come,it will not build any confidence how do you bring in a currency when you have not even prepared the money for the people?, right now if l cannot understand the process there are taking what more an old lady at the villages? How do they understand this process,all their money has suddenly changed?”.

Mudzuri also expressed doubt regarding the claim that Zig is backed by 2 tonnes of gold, questioning whether such a quantity could sustain a currency in the long run. He criticized the lack of transparency surrounding previous financial endeavors, suggesting that Zimbabwe’s history of distrust could hinder the success and sustainability of any new currency.

Furthermore, Mudzuri stressed the adverse impact of the absence of a local currency on businesses. He emphasized that the lack of a means of transaction since Friday has significantly affected commercial operations.

In light of these concerns, Mudzuri offered advice to the Reserve Bank of Zimbabwe governor and the Minister of Finance. He called for the adherence to fundamental economic principles and the formulation of well-thought-out policies by knowledgeable technocrats. By doing so, he believes Zimbabwe can pave the way for a more stable and prosperous economic future.