Zimbabwe Launches Gold Backed Currency - ZiG
Zimbabwe has had money problems for a long time, like prices going up fast and money losing value. ZiG is meant to help fix that by giving people a stable currency they can trust.
The Reserve Bank of Zimbabwe announced the introduction of the gold-backed currency, ZiG, with an initial exchange rate of 13.56 ZiG per US dollar.
Let’s take you back to 2007 when Ghana replaced its old currency, the Ghana cedi (GHC), with a new currency, also called the Ghana cedi (GHS). The primary purpose of the redenomination was to address the issue of high inflation and currency devaluation that had eroded the value of the old currency.
During the redenomination, the government revalued the old currency by removing four zeros from the existing denominations. For example, 10,000 old cedis became 1 new Ghana cedi. This process aimed to simplify transactions and restore confidence in the currency. The redenomination was a significant economic reform undertaken by Ghana to stabilize its currency and create a more conducive environment for economic growth and development.
Now, similarly, amid Zimbabwe's economic turbulence, the introduction of the ZiG currency marks a pivotal moment in the nation's quest for stability. With the Zimbabwean dollar (RTGS) losing significant value, citizens have been grappling with dwindling confidence in their local currency. The escalating inflation rates, soaring to a seven-month high of 55% in March, have only added to the economic uncertainty. Years of economic mismanagement have underscored the need for a decisive response. To restore faith in the monetary system, Zimbabwe has boldly introduced the gold-backed ZiG currency. This strategic move reflects the government's commitment to addressing economic challenges and fostering renewed trust among its citizens amidst challenging times.
As Zimbabwe adopts the ZiG currency, reminiscent of Ghana's currency reform over a decade ago, it underscores the shared frustration amidst the pursuit of stability and trust in the monetary system.
The ZIG
ZiG replaces the Real Time Gross Settlement Dollar (RTGS), which had lost about 80% of its value this year before the change.
Introducing ZiG Currency
On April 5, 2024, the Reserve Bank of Zimbabwe (RBZ) introduced a new currency called ZiG, short for Zimbabwe Gold. This move marks a significant change in how money works in the country.
Gold-Backed Digital Currency
In a groundbreaking move, Zimbabwe unveils ZiG, a currency backed by the timeless allure of gold. Unlike conventional money, ZiG's value finds its anchor in the gleam of precious metal, offering a sense of security akin to holding a tangible gold coin. With ZiG, Zimbabwe pioneers a digital frontier while staying rooted in the age-old stability of gold.
Why It Matters
Zimbabwe has had money problems for a long time, like prices going up fast and money losing value. ZiG is meant to help fix that by giving people a stable currency they can trust.
Exchange Rate Change: The foreign exchange rate shifted from US$1 to ZWL22,050 to US$1 to ZiG13.5616.
Conversion Rate: The conversion rate from the Zimdollar to the ZiG was set at Z$1 = 13.5686 ZiG, calculated by dividing the current ZWL rate by the day
Currency Conversion and Exchange Rate:
Citizens were given a 21-day window to exchange their old ZWL notes for the new ZiG.
What It Means for Businesses and Trade
Trade Made Easier
ZiG can make trading with other African countries simpler. Businesses can use ZiG to buy and sell things across borders without worrying about the value of their money changing all the time.
Good for Investing
Because ZiG is backed by gold, it's seen as a good thing to invest in. People who want their money to stay safe when markets are uncertain might choose to invest in ZiG.
Businesses Need to Adjust
Companies in Zimbabwe will need to get used to using ZiG for transactions. Understanding how much ZiG is worth compared to other currencies is important for planning and staying financially secure.
Looking at the Big Picture
ZiG's success could also have a big impact on other African countries. If it works well in Zimbabwe, other countries might start using similar digital currencies. This could lead to more collaboration and better trade between nations.
Maintaining a Multicurrency System:
Despite introducing ZiG, the US dollar remains legal tender.
ZiG will circulate alongside other currencies, ensuring flexibility and inclusivity in Zimbabwe’s monetary policy.
ZiG is a big step forward for Zimbabwe's money system. It's not just about Zimbabwe, though; it could change how money works across Africa, making trade easier and helping people feel more secure about their finances.
Bank balances were transferred into the new currency over the weekend, and the new banknotes will enter circulation at the end of this month.
Economic Analysts’ Perspectives:
Jacques Nel at research firm Oxford Economics stated, “There was a dire need for drastic change in the Zimbabwean monetary system.” However, doubts remain over the effectiveness of these new measures due to the lack of credibility in the domestic currency framework.
Hasnain Malaik of research firm Tellimer highlighted Zimbabwe’s insufficient $285 million of hard currency and gold reserves as a root cause of economic problems.
Background of the ZiG Currency
Currency Instability in Zimbabwe
Zimbabwe has long struggled with unstable currency, characterized by hyperinflation and rapid devaluation. The daily lives of Zimbabweans were greatly affected by unpredictable price hikes and economic uncertainty.
Objectives behind the Introduction of ZiG
The Reserve Bank of Zimbabwe (RBZ) introduced ZiG with the primary goal of bringing stability to the country's monetary system. By linking ZiG to gold reserves, the aim was to provide a reliable and trustworthy currency for both individuals and businesses.
Key Features of ZiG Currency
ZiG is distinguished by its gold-backed nature, ensuring its value remains relatively stable compared to fiat currencies. It serves as a means of payment for everyday transactions while also offering a store of value. This unique combination aims to address the currency instability issues that have plagued Zimbabwe in the past.
Potential Impacts on the Zimbabwean Economy
As Zimbabwe ushers in the era of ZiG currency, the Reserve Bank's bold move demands a thorough examination of its potential implications on the nation's economic landscape. In this analysis, we dissect the anticipated effects, both positive and negative, that ZiG may usher in.
Positive Impact
Stabilization of Hyperinflation: ZiG's gold-backed foundation promises a reprieve from Zimbabwe's historical nemesis – hyperinflation. With ZiG's inherent stability, we anticipate a newfound predictability in pricing dynamics, fostering an environment conducive to sustainable economic growth.
Enhanced Consumer Confidence and Spending: ZiG's tangible backing in gold instills a sense of reliability, bolstering consumer trust in the currency. As confidence surges, so too will consumer spending, propelling Zimbabwe's economy towards a trajectory of prosperity.
Negative Implications
Initial Confusion and Adaptation Challenges: Introducing a new currency inevitably entails a period of adjustment. Zimbabweans may face initial hurdles in understanding and integrating ZiG into their daily transactions. This transition phase demands proactive measures to mitigate disruptions and ensure a seamless adaptation process.
Risks of Black Market Activities and Currency Speculation: The introduction of ZiG presents fertile ground for illicit actors to exploit. We must remain vigilant against the potential surge in black market activities and currency speculation, safeguarding the integrity of ZiG and preserving stability in the financial ecosystem.
As Zimbabwe embraces ZiG currency, strategic foresight, and proactive management will be paramount in navigating the complexities that lie ahead. While the promise of stability and renewed consumer confidence beckons, we must remain vigilant against potential pitfalls.
Currency Acceptance and Trust:
It remains uncertain whether companies and citizens will accept ZiG as a form of payment and a store of value.
Currently, 80% to 85% of transactions are carried out in foreign currencies, according to the central bank.
Implications for Businesses in Zimbabwe
As businesses and enterprises prepare for this significant transformation, it's crucial to explore the nuanced landscape of challenges and opportunities that come with it.
Challenges Faced by Businesses During the Transition Period
Currency Uncertainty and Adjustment: With the introduction of ZiG, businesses are faced with uncertainty as they seek to understand its valuation mechanisms and how it will affect their financial operations. Navigating the complexities of exchange rates and market dynamics presents a significant challenge, requiring careful management to minimize disruption.
Operational Adjustments: Implementing ZiG entails substantial operational adjustments for businesses. From recalibrating cash registers to updating accounting systems, enterprises must allocate resources and manpower to ensure a seamless transition without disrupting day-to-day operations.
Customer Education: Ensuring the smooth adoption of ZiG necessitates comprehensive customer education initiatives. From reassuring patrons about the legitimacy of ZiG to guiding them through the nuances of the new currency, businesses play a critical role in facilitating understanding and acceptance among their clientele.
Opportunities for Businesses in Adapting to the New Currency System
Digital Transactions: The advent of ZiG presents a golden opportunity for businesses to embrace digital transactions. By leveraging digital payment platforms, enterprises can streamline transactions, enhance efficiency, and cater to evolving consumer preferences in an increasingly digitized economy.
Cross-Border Trade: ZiG's introduction opens doors for businesses to explore cross-border trade within the African continent. With ZiG serving as a reliable medium of exchange, enterprises can capitalize on new markets, forge strategic partnerships, and unlock avenues for sustainable growth beyond national borders.
Investment Avenue: ZiG's gold-backed nature positions it as a compelling investment avenue for businesses seeking to safeguard their assets against currency fluctuations. By diversifying their investment portfolios to include ZiG, enterprises can mitigate risks and capitalize on the stability offered by precious metal backing.
Access to Financing: ZiG's stability and credibility create a conducive environment for businesses to access financing and investment opportunities. With a reliable currency as collateral, enterprises can secure loans, attract investment, and fuel expansion initiatives, driving innovation, and fostering entrepreneurship across various sectors of the economy.
Export Opportunities: The adoption of ZiG enhances Zimbabwean businesses' competitiveness in international markets. With a stable and reliable currency, exporters can offer competitive pricing, attract foreign buyers, and capitalize on export opportunities to diversify revenue streams and foster economic growth.
Strategies for Mitigating Risks Associated with Currency Fluctuations
Hedging: Businesses can hedge against currency volatility by strategically diversifying their holdings. Incorporating ZiG into their asset mix provides a hedge against the inherent risks associated with fiat currencies, offering a shield against turbulent market conditions.
Pricing Agility: Agile pricing strategies empower businesses to adapt swiftly to fluctuations in ZiG's value. By adopting dynamic pricing models and leveraging real-time market data, enterprises can maintain competitiveness, preserve profit margins, and navigate the ever-changing economic landscape with dexterity.
Monitoring and Forecasting: Vigilant monitoring of ZiG's performance and proactive forecasting of currency shifts are indispensable tools in the arsenal of businesses. By staying abreast of market trends and anticipating potential disruptions, enterprises can make informed decisions, mitigate risks, and seize opportunities for growth amidst uncertainty.
As Zimbabwean businesses transition to the ZiG currency, they face a mix of challenges and opportunities. By embracing agility, innovation, and strategic planning, these enterprises can maneuver through the complexities of the changing currency landscape. Such an approach enables them to forge a trajectory of sustained growth and prosperity within the dynamic economic climate.
Impact on Trade within Africa
As Zimbabwe embraces the ZiG currency, its effects ripple across the African continent, influencing trade relationships, export-import dynamics, and regional economic integration initiatives.
Effects on Zimbabwe's Trade Relationships with Other African Countries
The adoption of ZiG currency holds the potential to reshape Zimbabwe's trade relationships with other African nations. Here's how:
Strengthening Bilateral and Multilateral Ties
The stability and credibility offered by ZiG currency bolster Zimbabwe's position in trade negotiations with other African countries.
Enhanced trust in ZiG as a reliable medium of exchange fosters stronger bilateral and multilateral trade agreements, promoting economic cooperation and collaboration across the continent.
Facilitating Trade Financing
ZiG's stability facilitates easier trade financing arrangements between Zimbabwe and its African counterparts.
Improved access to trade financing mechanisms encourages increased trade volumes, stimulates economic growth, and fosters mutually beneficial trade relationships within the region.
Potential Changes in Export and Import Dynamics
The introduction of ZiG currency introduces shifts in export and import dynamics, influencing trade patterns and market competitiveness:
Export Growth Opportunities
ZiG's stability enhances Zimbabwe's export competitiveness in African markets.
Export-oriented businesses leverage ZiG to offer competitive pricing, access new markets, and capitalize on export growth opportunities, driving economic expansion and job creation.
Import Substitution Initiatives
The stability offered by the ZiG currency encourages import substitution initiatives within Zimbabwe.
Domestic industries capitalize on ZiG's stability to produce goods locally, reducing reliance on imports, promoting industrialization, and fostering economic self-sufficiency.
Implications for Regional Economic Integration Initiatives
Harmonization of Currency Policies
ZiG's success prompts discussions among African nations to harmonize currency policies and foster regional monetary cooperation.
Collaborative efforts towards currency harmonization lay the groundwork for deeper economic integration, streamlined trade processes, and enhanced financial stability within the region.
Promotion of Intra-African Trade
ZiG currency acts as a catalyst for increased intra-African trade, bolstering economic ties and fostering mutual prosperity.
Simplified trade transactions facilitated by ZiG currency incentivize intra-African trade, unlocking untapped market potentials, and driving economic growth across the continent.
In the ever-changing landscape of African trade dynamics, the ZiG currency is a transformative force, driving trade expansion, enhancing regional cooperation, and advancing Africa towards a future of shared prosperity and economic resilience.
Comparison with Other African Currencies
As Zimbabwe introduces the ZiG currency, it's essential to compare this milestone with currency reforms in other African nations. Here's an analysis of the introduction of ZiG in comparison to currency transitions in the region, lessons learned, and potential collaborations or challenges with neighboring countries like Ghana.
How the Introduction of ZiG Compares to Currency Reforms in Other African Nations
Different Approaches to Currency Reform
Zimbabwe's introduction of ZiG follows a unique approach compared to currency reforms in other African nations.
While some countries opt for currency redenomination or pegging their currency to stable foreign currencies, Zimbabwe's decision to introduce a gold-backed digital currency sets it apart in the region.
Focus on Stability and Credibility
ZiG currency's emphasis on stability and credibility echoes similar objectives pursued by other African nations during currency reforms.
Countries across the region prioritize measures to curb hyperinflation, restore confidence in their currencies, and promote economic stability.
Lessons Learned from Similar Currency Transitions in the Region
Importance of Public Confidence
Currency transitions in other African nations highlight the critical role of public confidence in the success of such reforms.
Building trust in the new currency through effective communication, transparency, and sound monetary policies is paramount to navigating the transition successfully.
Safeguarding Against Speculation
Previous currency transitions underscore the need to safeguard against speculation and black market activities.
Implementing robust regulatory frameworks and monitoring mechanisms is crucial to mitigate risks associated with currency speculation and ensure the stability of the new currency.
Potential Collaborations or Challenges with Neighboring Countries like Ghana
Opportunities for Economic Collaboration
The introduction of ZiG currency presents opportunities for collaboration between Zimbabwe and neighboring countries like Ghana.
Enhanced trade facilitation, harmonization of currency policies, and joint initiatives to promote regional economic integration could foster mutually beneficial partnerships and drive economic growth in the region.
Challenges in Currency Alignment
Despite the potential for collaboration, challenges may arise in aligning currency policies and addressing disparities in economic fundamentals between Zimbabwe and neighboring countries like Ghana.
Harmonizing currency regimes, managing exchange rate fluctuations, and addressing divergent economic priorities require careful coordination and cooperation among stakeholders.
When juxtaposed with currencies across Africa, Zimbabwe's launch of the ZiG currency reflects its dedication to bolstering stability, credibility, and economic fortitude. Learning from currency reforms elsewhere in the region, Zimbabwe can pave a way forward towards enduring growth and prosperity. This entails harnessing opportunities for collaboration, while proactively addressing challenges encountered during its currency transition.
Potential Impact on Ghanaian Businesses
As Zimbabwe introduces the ZiG currency, it's crucial to assess its potential impact on Ghanaian businesses. Here's an analysis of Ghana's trade relationship with Zimbabwe, the effects on Ghanaian exports and imports, and strategies for Ghanaian businesses to adapt to the new currency environment.
Assessment of Ghana's Trade Relationship with Zimbabwe
Historical Trade Ties
Ghana and Zimbabwe boast longstanding trade relations that have evolved through bilateral agreements and collaborative economic initiatives over the years. These ties have been characterized by a mutual exchange of goods and services across various sectors, including agriculture, mining, and manufacturing.
Zimbabwe's rich mineral resources and agricultural produce have complemented Ghana's industrial output and export offerings. This symbiotic relationship has fostered economic growth and development in both countries, paving the way for sustained trade partnerships.
Trade Volumes and Patterns
Ghana holds a significant position as a trading partner for Zimbabwe, with trade volumes demonstrating resilience despite fluctuations influenced by market demand and economic conditions. Over time, both countries have witnessed shifts in trade patterns driven by changing consumer preferences, technological advancements, and global market dynamics.
Ghana's exports to Zimbabwe encompass a diverse range of products, including agricultural commodities such as cocoa, textiles, and machinery. In return, Zimbabwe exports minerals, tobacco, and textiles to Ghana, reflecting the complementary nature of their trade relationship.
Effects on Ghanaian Exports and Imports Due to Changes in the Zimbabwean Economy
Impact on Ghanaian Exports
The introduction of the ZiG currency and subsequent changes in the Zimbabwean economy could exert varying effects on demand for Ghanaian exports in the Zimbabwean market. Fluctuations in consumer purchasing power, market conditions, and exchange rates may influence the competitiveness and attractiveness of Ghanaian goods in Zimbabwe.
Ghanaian exporters may encounter challenges related to price sensitivity and demand volatility, requiring adaptability and strategic market positioning to navigate shifting trade dynamics effectively. However, opportunities may arise for exporters to capitalize on emerging market niches and consumer preferences driven by changes in Zimbabwe's economic landscape.
Analytical Standpoint
While the impact of changes in the Zimbabwean economy on Ghanaian exports remains uncertain, proactive measures such as market diversification, product differentiation, and targeted marketing strategies can enhance the resilience and competitiveness of Ghanaian exporters. By closely monitoring market trends and consumer behavior in Zimbabwe, Ghanaian businesses can identify opportunities for growth and expansion amidst evolving trade dynamics.
Moreover, fostering collaborative initiatives between public and private sector stakeholders in Ghana and Zimbabwe can facilitate trade promotion efforts, address trade barriers, and enhance market access for Ghanaian exporters in the Zimbabwean market. Strategic partnerships and alliances can play a pivotal role in strengthening trade relations between the two countries and unlocking mutually beneficial opportunities for economic cooperation and development.
Effects on Ghanaian Imports
Impact on Ghanaian Imports
The changes unfolding in the Zimbabwean economy, including the introduction of the ZiG currency, hold implications for Ghanaian imports, particularly in sectors where Zimbabwe serves as a key supplier of raw materials or finished goods. Any disruptions or shifts in Zimbabwe's economic landscape may reverberate across supply chains, affecting Ghanaian businesses reliant on imports from Zimbabwe.
Analytical Standpoint
Ghanaian businesses sourcing goods or materials from Zimbabwe may face challenges such as supply chain disruptions, changes in product availability, and fluctuations in pricing dynamics. These factors can impact production processes, inventory management, and cost structures, necessitating adaptive strategies to mitigate risks and maintain operational continuity.
While the full extent of the impact on Ghanaian imports remains to be seen, proactive measures such as diversification of suppliers, strategic inventory management, and collaboration with alternative sourcing markets can enhance resilience and mitigate vulnerabilities associated with dependency on Zimbabwean imports.
Strategies for Ghanaian Businesses to Adapt to the New Currency Environment
Diversification of Export Markets
To mitigate risks stemming from changes in the Zimbabwean economy, Ghanaian businesses can proactively diversify their export markets beyond Zimbabwe. Exploring new export destinations within Africa and strengthening trade relationships with international markets can reduce reliance on any single market, thereby enhancing resilience to economic shocks and fluctuations in specific regions.
Currency Risk Management
Ghanaian businesses engaging in trade with Zimbabwe can implement robust currency risk management strategies to hedge against exchange rate fluctuations and mitigate potential financial losses. Leveraging financial instruments such as forward contracts, currency options, or natural hedging techniques can help stabilize cash flows and safeguard against currency volatility, ensuring financial stability and predictability in trade transactions.
Adoption of Digital Payment Solutions
Embracing digital payment solutions offers Ghanaian businesses operating in the Zimbabwean market an opportunity to streamline transactions, enhance financial inclusion, and mitigate risks associated with physical currency exchange. By leveraging digital platforms for trade transactions, businesses can improve operational efficiency, transparency, and security while reducing reliance on cash transactions susceptible to currency fluctuations and counterparty risks.
Analytical Standpoint
The adoption of these strategic measures underscores the importance of proactive adaptation and resilience-building among Ghanaian businesses amidst evolving currency environments. By diversifying export markets, implementing robust currency risk management strategies, and embracing digital payment solutions, Ghanaian businesses can navigate the challenges and capitalize on the opportunities presented by the introduction of the ZiG currency, ensuring sustainable growth and competitiveness in the global marketplace.
In navigating the potential impact of ZiG currency on Ghanaian businesses, proactive measures such as diversifying export markets, implementing currency risk management strategies, and embracing digital payment solutions can bolster resilience, foster growth, and sustain competitiveness in the evolving economic landscape.
Final Thoughts on Long-Term Effects
As Zimbabwe takes bold steps towards embracing the ZiG currency, it's crucial to consider the potential long-term ramifications. While the immediate transition may pose challenges, such as currency uncertainty and adjustment periods, the ZiG currency holds promise for reshaping Zimbabwe's economic trajectory.
1. Stability and Growth Prospects
The ZiG currency, backed by gold reserves, offers the potential for enhanced stability in Zimbabwe's monetary system. By anchoring its value to a tangible asset, the ZiG aims to mitigate the volatility and hyperinflation that have plagued the country in the past. This stability could, in turn, foster confidence among investors and businesses, encouraging long-term economic growth.
2. Impact on Economic Landscape
Beyond immediate stabilization, the ZiG currency has the potential to catalyze broader economic transformations. By instilling trust in the financial system and providing a reliable medium of exchange, ZiG could spur investment, stimulate domestic consumption, and drive innovation across various sectors. Moreover, as Zimbabwe strengthens its economic fundamentals, it may attract foreign investment and foster deeper integration into global markets.
3. Socio-Economic Implications
The adoption of the ZiG currency carries significant socio-economic implications for Zimbabwean society. A stable currency can lead to improved living standards, reduced poverty rates, and enhanced access to financial services for the population. Additionally, by promoting economic stability and growth, the ZiG currency may contribute to social cohesion and political stability in the long run.
4. Challenges and Mitigation Strategies
However, realizing the full potential of the ZiG currency requires addressing various challenges effectively. These include ensuring transparency in the management of gold reserves, maintaining fiscal discipline to prevent inflationary pressures, and promoting financial literacy to empower citizens to make informed financial decisions.
5. Collaborative Efforts
Furthermore, the successful implementation of the ZiG currency necessitates collaborative efforts between the government, regulatory authorities, businesses, and civil society. Coordinated actions, coupled with prudent policymaking and robust institutions, will be essential to navigate the complexities of the transition and harness the long-term benefits of the ZiG currency.
In essence, while the journey towards embracing the ZiG currency may entail short-term obstacles, the potential long-term effects are profound. The ZiG currency can reshape Zimbabwe's economic landscape and pave the way for a more prosperous future.
Recommendations for Businesses and Policymakers
Navigating the evolving economic terrain requires adaptability and foresight from both businesses and policymakers. Here are key recommendations for thriving amidst change:
Diversify export markets: Expand market reach to mitigate risks and capitalize on emerging opportunities.
Implement currency risk management strategies: Safeguard against exchange rate fluctuations through proactive risk management approaches.
Embrace digital payment solutions: Enhance efficiency and security in transactions by leveraging digital payment platforms.
Prioritize policies supporting economic stability and innovation: Foster an environment conducive to growth and innovation through strategic policymaking.
… Do well out there!
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References.
1. Zimbabwe Launches New Currency Amid Economic Turmoil¹ - [Read more](https://medafricatimes.com/34641-zimbabwe-launches-new-currency-amid-economic-turmoil.html)
2. What To Know About Zimbabwe ZiG Currency² - [Read more](https://www.msn.com/en-us/money/markets/what-to-know-about-zimbabwe-zig-currency/ar-BB1lguIq)
3. Introduction of ZiG Currency and its Economic Impact³ - [Read more](https://bulawayo24.com/index-id-opinion-sc-columnist-byo-241621.html)
4. Zimbabwe's new ZiG currency starts trading, credibility doubts linger⁴ - [Read more](https://www.cnbcafrica.com/2024/zimbabwes-new-zig-currency-starts-trading-credibility-doubts-linger/)
5. Zimbabwe Replaces Local Dollar with Gold-Backed ZiG⁵ - [Read more](https://coingape.com/zimbabwe-replaces-local-dollar-with-gold-backed-zig/)
6. Zimbabwe Introduces New Gold Backed Currency ‘ZiG’ Amidst Economic Crisis⁶ - [Read more](https://www.arise.tv/zimbabwe-introduces-new-gold-backed-currency-zig-amidst-economic-crisis/)
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