Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency - Foreign Affairs (2)

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Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency - Foreign Affairs (2) - Nairaland

Nairaland Forum / Nairaland / General / Politics / Foreign Affairs / Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency (47747 Views)

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Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by bassdow: 6:49pm On Apr 05

Gaddafi of Libya tried this, we know how it ended. hopefully, this president, who means well, have equally secured himself and his country very well. WESTern powers no dey like make anyOne try deDollarize.

But wait Ooo, Russia gan sef no well. na dem cause all these deDollarization

Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by Oromoni619: 6:49pm On Apr 05

Wahala

Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by Akharmony: 6:49pm On Apr 05

Isnt 21days ultimatum to changing from old to new note not also a wicked idea.. why Africa just like suffer like this??

1 Like 1 Share

Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by Iceberg3: 6:51pm On Apr 05

superCleanworks:
Zig. Ziggy Marley

DenreleDave:
Obj in the mud.
ewa champion 😁

CCIA:

bassdow:

Ekaette1621990:
A

2 Likes 1 Share

Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by ogolemati: 6:51pm On Apr 05

the need change

Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by Kobicove(m): 6:52pm On Apr 05

Shit hole country!

Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by CCIA: 6:53pm On Apr 05

Iceberg3:
.

1 Like

Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by dgitrader(m): 6:54pm On Apr 05

Good move!
Just as in the days of old before the Americans bastardized the whole thing! All fiat currency will eventually go to zero. It is outright robbery for central banks to just print notes not backed by anything. More like a sophisticated Morden day slavery. They use inflation , tax and paper notes to suck Ur blood.
This isn't about Zim, but a long overdue new Global order reset!

1 Like 1 Share

Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by Phyde: 6:57pm On Apr 05

Could this be the reason why Gold has been flying to the moon?

1 Like

Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by blowjohn(m): 6:57pm On Apr 05

Why their currency be like photocopy like that? cheesy

Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by StraightGaay: 7:00pm On Apr 05

Skooltynz:
The whole Africa should adopt a single currency like Europe I believe it will help our respective economies.

Yabatech partime form is now out, will close fifteenth of next month the earlier you apply the higher you chances of admission.if interest ed call
zero eight one two four zero six four three five three .

People still do part time in 2024?

Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by VIKTO83(m): 7:01pm On Apr 05

I thought they said Zimbabwe is out of inflation?
Obasanjo nawa ooo.
Why do we always denigrate our country?
Even those shouting that Ghana has a better economy are living ina fool's paradise

1 Like 1 Share

Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by Kaa4(m): 7:02pm On Apr 05

GOFRONT:
Way to go....

Zamfara Gold miners wont love this.

Or you mean they will love it for Zimbabwe and hate it for NIgeria

1 Like

Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by Skooltynz: 7:03pm On Apr 05

StraightGaay:
People still do part time in 2024?

.
Will you pay the fulltime school fees for them?

3 Likes

Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by Gmajor(m): 7:03pm On Apr 05

TUANKU:

Many currencies are backed by gold...and it did not lead to civil war.

Una go just open mouth the talk nonsense.
Oya give me example of a country that uses gold or silver backed currency?

2 Likes

Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by Ebukamatth(m): 7:05pm On Apr 05

They lack someone

They should call baba tinubu to help them

Nigerians dey enjoy the man

1 Like

Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by DeepSight(m): 7:05pm On Apr 05

TUANKU:

Many currencies are backed by gold...and it did not lead to civil war.

Nope. That was in the past. The gold standard is history and has been for over fifty years.

Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by Chicentt(f): 7:06pm On Apr 05

You well so? sad

richeeyo:
🤣🤣
If they want to go by gold
Then civil war would soon start

The power that be

Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by Xxxylxxxx: 7:06pm On Apr 05

Skooltynz:
The whole Africa should adopt a single currency like Europe I believe it will help our respective economies.

Yabatech partime form is now out, will close fifteenth of next month the earlier you apply the higher you chances of admission.if interest ed call
zero eight one two four zero six four three five three .

People still dey go poly?

Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by Dpharisee: 7:09pm On Apr 05

Skooltynz:
The whole Africa should adopt a single currency like Europe I believe it will help our respective economies.

Yabatech partime form is now out, will close fifteenth of next month the earlier you apply the higher you chances of admission.if interest ed call
zero eight one two four zero six four three five three .

France frustrated the ECO using their puppet in Ivory Coast Allasane Ouattara

1 Like

Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by Cantonese: 7:10pm On Apr 05

Shameless, corrupt people, who have other the years, with their own hands ruined their own economy.

Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by richeeyo(m): 7:12pm On Apr 05

TUANKU:

Many currencies are backed by gold...and it did not lead to civil war.

Only if you knew what we saying

Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by KennethOkonkwo: 7:13pm On Apr 05

VIKTO83:
I thought they said Zimbabwe is out of inflation?
Obasanjo nawa ooo.
Why do we always denigrate our country?
Even those shouting that Ghana has a better economy are living ina fool's paradise

Honestly ...IT IS A DISEASE!

Common among the biafrans though.

Very few economy is performing better than ours,may be EGYPT

Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by Benwallt(m): 7:14pm On Apr 05

Skooltynz:
The whole Africa should adopt a single currency like Europe I believe it will help our respective economies.

Yabatech partime form is now out, will close fifteenth of next month the earlier you apply the higher you chances of admission.if interest ed call
zero eight one two four zero six four three five three .

It won't. African countries are too unproductive to have a unified currency. Each European has unique product from respective members.

Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by TUANKU(m): 7:19pm On Apr 05

DeepSight:

Nope. That was in the past. The gold standard is history and has been for over fifty years.

Commodity correlated currencies. There are plenty of examples of countries where their wealth and currencies are able to be tracked and correlated to a specific commodity or multiple commodities.
The value of the Australian dollar despite not being backed by their commodity asset (Iron) officially, it still has a significant effect on their currency. Many countries have a currency that is closely linked to oil with currency and economic fluctuations coinciding with oil price changes and availability. These include large economies such as Canada, Russia, Columbia and Norway. These are all large exporters of oil, a commodity with a high value in today’s world that relies upon it as a resource.
There are no currencies that are backed directly by gold. However, this doesn’t mean that gold or other commodities are irrelevant to their economy or currency. The Zimbabwe ZiG is backed by both gold and foreign currencies.

3 Likes 2 Shares

Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by TUANKU(m): 7:22pm On Apr 05

richeeyo:

Only if you knew what we saying

Sorry Einstein i have no idea about commodity correlated currencies. That the gold standard is gone does not mean commodities like gold and iron are not used to back currencies.
It happens in Australia, Norway, Colombia, Canada...you can go check it out Einstein cheesy

What a dork you are.

2 Likes 1 Share

Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by tnerro1(m): 7:24pm On Apr 05

Could this be one of the reasons the president was sanctioned by the US recently?

Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by VIKTO83(m): 7:24pm On Apr 05

KennethOkonkwo:

Honestly ...IT IS A DISEASE!

Common among the biafrans though.

Very few economy is performing better than ours,may be EGYPT

I'm feom Abia state bro

Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by CCIA: 7:25pm On Apr 05

VIKTO83:

I'm feom Abia state bro

oh!

you are Nyámmîrī grin

Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by Hassanmaye(m): 7:27pm On Apr 05

HonNL:
The ZiG is the country's sixth currency since independence in 1980

Reuters

Wow

Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by RenaissanceGuy: 7:28pm On Apr 05

Asonaijaaso:
Finally. I was wondering how long before they knew what to do.
Africa should back all its currency to the natural resources they produce
And watch money flow into Africa
This is what Gaddafi proposed that got him un-alived.

Please, you people should stop this propaganda already. The man was a casualty of the Arab Spring that brought down a lot of Arab governments and the way he was trying to use the military to crush his own led to a civil war, the same way Syria's own has also led to a 12-year old war.

2 Likes 1 Share

Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by Cmeo(m): 7:30pm On Apr 05

Hurray, as Zimbabwe is on the pact to recovery, if truly the new currency is backed by gold.

Gold backed currency is what would make Africa economy to outperform other economics fast. It will be difficult for Africa to win the economy battle of papers and ink currency not in their domain and regulated by someone else.

1 Like

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