Zimbabwean Finance Minister Mthuli Ncube on Tuesday called for a swift transition and market adoption of the new currency ZiG by all stakeholders. Ncube said in a statement that the government will soon introduce regulations to ensure that only the official exchange rate is used for the pricing of all goods and services. He said while the government is still configuring its public finance management system to facilitate revenue collection and payment for goods and services in local currency, all ministries, departments and agencies must immediately recognize the ZiG as the official currency for all financial transactions and payment for goods and services. This collective effort will contribute to the smooth transition towards a more stable economic environment, Ncube said. Ncube said the available reserves are more than enough to back the new currency, hence all legitimate requests for foreign currency made through the banking system will be fully satisfied. Zimbabwe has experienced currency instability in recent years, with ZiG marking the sixth relaunch of a new currency. The new currency, adopted in April, is backed by gold and foreign exchange reserves held by the country's central bank.
