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Chamuka applauds Zimbabwe's new Gold-Backed Currency

The ZiG will come in quarter, half, 1, 2, 5, 10, 20, 100, and 200 denominations.

The leader of the opposition People's Unity Party (PUP), Herbert Chamuka, has commended the Zimbabwean government for its introduction of a new structured currency designed to combat the skyrocketing inflation that has been eroding the nation.

The Reserve Bank of Zimbabwe (RBZ) unveiled the new gold-backed currency, named Zimbabwe Gold (ZiG), on Friday, with the aim of putting an end to the country's runaway inflation.

The ZiG will come in quarter, half, 1, 2, 5, 10, 20, 100, and 200 denominations.

Furthermore, the initial exchange rate for the ZiG will be officially announced next week, with US$1 being equivalent to ZiG13.56. This move is expected to stabilize the country's currency and bring much-needed stability to the economy.

During the presentation of the new monetary policy, John Mushayavanhu, the incoming governor of the RBZ, issued a mandate for banks to update their systems to accommodate the new ZiG currency.

Chamuka expressed his support for the government's decision, stating, "As the opposition party, we support the good things that our government has done. This is what we have been calling for since long back because as a country, we need our own currency for the smooth functionality of our economy."

Although the PUP leader commended the government's action, Chamuka also acknowledged that not all opposition parties shared the same view.

"I suggested that other opposition parties should reconsider their stance on the government's recent currency endeavor," Chamuka said.

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