ER Editor: Readers may be interested in this recent RT piece on gold —
A great wealth transfer is underway: How the West lost control of the gold market
We believe that the ‘West’ referred to here means the Rothschilds, who used to set the daily price of gold from London, and keep the price of it artificially low. Their influence is clearly gone. Is gold coming back everywhere as the anchor of financial stability, away from fiat money where African currencies were kept abysmally low in value relative to western currencies? Zimbabwe will also be using its own mined gold and other precious metals as a guarantee.
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Zimbabwe introduces a new currency… promising ZiG will be launched on Monday – DailyNewshttps://t.co/sYWI7JRB3l
— Jack Straw (@JackStr42679640) April 6, 2024
🌟Zimbabwe New Gold-Backed Currency – ZiG🌟
Central banks worldwide are amassing gold at record rates, setting the stage for a monumental shift in the financial landscape. As Zimbabwe introduces a new gold-backed currency, we’re witnessing the dawn of a new monetary era. History… https://t.co/cEYfi8HyOj pic.twitter.com/ajG5qYgK6u
— Echo 𝕏 (@echodatruth) April 5, 2024
#Zimbabwe RBZ Governor, John Mushayavanhu, explains what structured currency is…#ZiG pic.twitter.com/xjCznY362N
— 𝙉𝙞𝙘𝙤𝙡𝙚 𝙃𝙤𝙣𝙙𝙤 🇿🇼 (@nicolehondo) April 6, 2024
Just Today
=>The Reserve Bank of Zimbabwe has with effect from this Friday introduced a new structured currency the Zimbabwe Gold ( ZiG).
=>ZiG notes 1, 2, 5, 10, 20, 100, 200 Half ZiG and quarter
=> Zig exchange rate :$1=13,5686 ZiG. pic.twitter.com/JOchK2sEG9— ZimTimes (@ZimTimesX) April 5, 2024
Zimbabwe, in its latest attempt to end the serial collapse of the local dollar, has replaced it with a new unit called the ZiG, which will be backed by a basket of foreign currencies, gold and other precious metals.
Central Bank Governor John Mushayavanhu said at a press… pic.twitter.com/N52mTvSpzR
— S p r i n t e r F a c t o r y (@Sprinterfactory) April 5, 2024
Harare: Zimbabwe has a new currency known as ZiG, governor John Mushayavanhu says in his Monetary Policy Statement. The notes are coming in denominations of 1, 2, 5, 10, 50 and 100. Coins for half and a quarter ZiG.
Many Africans will wake up on the Value of their Currencies pic.twitter.com/hM7WJYFBvf
— Government of East Africa. (@EastAfricaGov) April 5, 2024
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Zimbabwe launches new gold-backed currency – ZiG
SHINGAI NYOKA for BBC
Zimbabwe has introduced a new gold-backed currency called ZiG – the name stands for “Zimbabwe Gold”.
It is the latest attempt to stabilise an economy that has lurched from crisis to crisis for the past 25 years.
Unveiling the new notes, central bank governor John Mushayavanhu said the ZiG would be structured, and set at a market-determined exchange rate.
Getty ImagesThe ZiG replaces a Zimbabwean dollar, the RTGS, that had lost three-quarters of its value so far this year.
Annual inflation in March reached 55% – a seven-month high.
Zimbabweans have 21 days to exchange old, inflation-hit notes for the new currency.
However, the US dollar, which accounts for 85% of transactions, will remain legal tender and most people are likely to continue to prefer this.
The new ZiG banknotes come in denominations of between 1 and 200.
Coins will also be introduced to overcome the shortage of US coins, which has seen people receive change in sweets, small chocolates and pens.
Mr Mushayavanhu said the new currency was being rolled out with immediate effect and banks must convert current Zimbabwe dollar balances to the ZiG.
He committed to ensuring that the amount of local currency in circulation was backed by equivalent value in precious minerals – mainly gold – or foreign exchange, in order to prevent the currency losing value like its predecessors.
Zimbabweans have a historic mistrust of the central bank, dating back to 2008, when it was printing Z$10tn notes while inflation had run out of control.
It then abolished its own currency and for many years only used foreign banknotes such as the US dollar and the South African rand.
CONTINUE READING HERE
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Published to The Liberty Beacon from EuropeReloaded.com
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