Trade Unions request urgent meeting with RBZ governor over new ZiG currency confusion

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By Alois Vinga

THE Zimbabwe Congress of Trade Unions (ZCTU) has written to the Reserve Bank of Zimbabwe (RBZ) governor, Dr John Mushayavanhu requesting an urgent meeting to iron out the issues around the newly introduced ZiG currency.

This follows the introduction of the ‘structured currency’ enshrined in the Reserve Bank of Zimbabwe (RBZ) Monetary Policy Statement (MPS) presented by Mushayavanhu on Friday.

ZiG is anchored by a composite basket of foreign currency and precious metals (mainly gold) held as reserves for this purpose by the apex bank.

A letter seen by dated April 8 2024 signed by the ZCTU secretary general, Japhet Moyo and addressed to Mushayavanhu registered deep concerns over the lack of information regarding the recently unveiled 2024 Monetary Policy and its impact on the workers in their quest for a decent living.

“The working people of Zimbabwe have already suffered immensely as wages have failed to keep pace with price hikes. The situation has worsened rendering it practically impossible for workers across all sectors to earn the current salaries and sustain their families or be able to go to work.

“It is in this vein that the ZCTU is requesting an urgent audience whose agenda would be to discuss and understand the Monetary Policy and its implication on workers,” he said.

On Tuesday, the RBZ reported that the ZiG strengthened by 0,2% to 13.53 per US dollar.

It began trading Monday at 13.56 per dollar, using an exchange rate announced by Governor John Mushayavanhu during last Friday’s unveiling of the nation’s latest effort to create a functioning local currency.