Zimbabwe Launches New Gold-Backed Currency: Will it Work? | Vantage with Palki Sharma
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- Опубліковано 8 кві 2024
- Zimbabwe Launches New Gold-Backed Currency: Will it Work? | Vantage with Palki Sharma
Zimbabwe's central bank launched a new "structured currency" backed by gold. This comes as it seeks to tackle sky-high inflation and stabilise the country's long-floundering economy. The ZiG - short for Zimbabwe Gold - will replace the Zimbabwean dollar which has tumbled in value over the past year, pushing inflation through the roof. Zimbabweans have 21 days to convert their old cash into new money. But analysts have questioned the move. They ask whether the country has enough reserves to adequately back the currency, There are also doubts over volatility of gold prices. So will this new currency work? Palki Sharma tells you.
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Zimbabwe | New Currency | Gold-Backed Money | Zimbabwe Dollar | Economy | Firstpost | World News | Vantage | Palki Sharma
#zimbabwe #newcurrency #goldbackedmoney #zimbabwedollar #economy #firstpost #vantageonfirstpost #palkisharma #worldnews
Vantage is a ground-breaking news, opinions, and current affairs show from Firstpost. Catering to a global audience, Vantage covers the biggest news stories from a 360-degree perspective, giving viewers a chance to assess the impact of world events through a uniquely Indian lens.
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Congratulations, Zimbabwe! You are a rich country, full of good people. It is time for you to shine.
The corruption is too much it won't work trust me.
There is no confidence in those running the finances of the country. It's as simple as that. There isn't a troll or tokoloshi actively sabotaging with a mean expression on its face just out to somehow destroy all the currencies they try. Currencies are all about confidence and trust. Major trust deficit. Also a pathetic two tonnes of gold that hasn't been externally audited. Why? They could have said backed by a hundred tonnes. No difference just words. Talk, talk, talk. Useless talk.
😂😂😂😂
Even more full of emotional, uneducated, lazy, tribalistic and corrupt hacks.
Bruh , this is jokes man🤣
Time for Zimbabwe to shine. The hardworking and talented people of Zimbabwe deserve it. Love and good wishes from India
🤣🤣🤣🤣🤣🤣🤣🤣 jokes
Thank you
Imagine being given fully functioning farms for free only to turn it into a desert in 6 months 😂😂😂 hardworking is such a devalued word (pun intended)
@@burgersandburnouts nah. it is quite easy to understand. The USD is backed by oil. That's why the number of cars in 1970 were only 200 million and now 1.4 billion. Thus Gold should work like that way and in the same time reducing the need for oil.
That's why the USA has put intensive for car makers not to buy EV and keeps ICE cars.
Like EVERY other country that the west is involved in, until TRUE independence from the leeches of the planet over the past 4000 years or so are dependent on their OWN instead of aggregating its life form from a piece of every other culture
It worked. For the first time in my 40 years living in South Africa, Zimbabwe our neighbour has a currency (the Zig) stronger than ours (the Rand). Well done neighbours, all the best
You cannot make that claim on the basis of a few days. The currency may work so long as there is gold there and they don't start printing the currency as the solution to every problem. They will also have to check the gold reserves regularly because Zimbabwe wouldn't be the first African country to have claimed to have utilised gold in trade when non existed (Goldenberg Scandal - Kenya).
@@frankyyaggabot6222after the aljazeraa documentary . This country is doomed.
@RichardCollins-kn4tx Well I guess the 1/3 of Zimbabweans that live outside of Zimbabwe will return then?
@@frankyyaggabot6222 Imagine Immigrants in America going back home, the odds of that are minimal to none. So Zimbabweans already outside Zimbabwe have no desire going back...I didn't make a claim its actually reality and hence the reporting of the news. The Zimbabwean Government in the past months had been auditing their gold reserves for this initiative. And lastly it is a fact that their currency hit a first time record against South Africa in years. I do understand the future is uncertain and that it may change pending on how the global community supports or destroys them
@@Sataka23clips In South Africa there are worse and bigger levels of corruption and smuggling of resources than Zimbabwe but it is amongst the 3 biggest economies in Africa. South Africa even has illegal armed miners no different to Nigeria and their armed illegal oil smugglers. Zimbabwe is doomed because of illegal sanctions coupled with corruption
Way to go Zimbabwe 👏👏👏
Much love from India 🇮🇳
Thank you india
I hope we get Zimbabwe cricket in international cricket
@@solo.108 but don't they already have a international cricket team for both men and women?
Are you realizing that you are actually saying 'way to go Mafia Vietnam have just sentenced a Woman to death for finance plunder! Read ALJAZEERA GOLD MAFIA episodes and realise what you stand for!
It won't work.how much gold reserve do they got?
This will work. May All Be In Pure Alignment For Zimbabwe 🇿🇼
Another stupid quest by a feeble ,corrupt government.
Bitcoin would have been a better choice, but this is a good moves. The US Dollar was peg to gold until Nixon unpegged it to finance the Vietnam war to enrich the armaments industry.
😂
LMFAO
in short term yes... in a medium term, they will be toasted if they didn't fixed domestic production of consumer goods and finding sustainable energy partners that wanted to invest in them...
All you have to do is trust the Zimbabwean government to keep enough gold in reserve 😂. Best of luck.
Zimbabwe don't need blessings they actually need a good person who have knowledge of economy
It's not true that Zimbabwe is the first country in the 21st century to do gold standard.
Ghana's currency is backed by gold and the government is buying more tons of gold to back their currency. It's the 4th strongest currency in Africa.
I disagree... Ghana currency is the Fourth most valuable in African Continent.
It's dangerous to be too intelligent in Zimbabwe
How does this woman know how much gold Zimbabwe as got??
No, Zimbabwe needs the West to stop sanctioning it.
Stop the BS.
It is a wise idea. Unlike in Nigeria where the leaders seem to be confused. You have to keep trying new things till the desired result is obtained.
This is an idea of how to use the new currency. 1. Take ZIG out of wallet. 2. Wipe anus with ZIG. 3. Throw used ZIG in toilet. 4. Flush
I think it will work very well, Zimbabwe leaders already studied it. Without doing it you can't get the results and I guess more countries will follow soon. Even though Gold has no stable price but it keeps its value high...Go Zimbabwe. Trust your leaders and financial professionals..Challenges are there for people of Zimbabwe but you gonna pass them all.
Do you know what's happening right now in Zimbabwe? The very government which introduced that currency refuses to accept it as a legal tender for payments in it's own offices - passports only in US$, the ministry of foreign affairs only in US$, registra general (birth certificates, ID cards, Only US$,!! These are departments are I know 100% that they are not accepting the new currency. Banks as well. We will see who else. So how do you expect that currency to succeed?
Be careful Zimbabwe the USA does not like gold backed currency
US has the most gold reserves country in the world wtf u sayin
@@ainz1325 but it is not backed by gold
We do not care . We won't be US state number 68
@@ainz1325 You mean the one they have been mining in Zimbabwe, South Africa and Ghana and other countries?
Remember what happened to Gaddafi after he created a gold backed currency
Well done Zimbabwe Great move wishing you all the Best
Congratulation to Zimbabwe !
We hope India will follow and print the currency with gold❤
Why is she lying because Zimbabwe has only 2 currencies the Rand and the USD and no other currencies. She says Zim has no gold but you see gold everywhere in Zimbabwe
@@mthimkhulu30Then why is it so poor? Gold is hard to mine.
I am so happy for Zimbabwe! Praying for all the best for my brothers and sisters in humanity ❤️
Keep up Zimbabwe.
Zimbabwe full of gold and diamond .
It will work for Zimbabwe. Love from 🇳🇬
It will work gold is the real money
No external audit has been done and it's only two tonnes at maximum. Also just talk, talk talk. Do you simply just believe whatever they say when they have terrible economic history of corruption and a massive trust deficit?
It’s a rock
Having a rock is better than having something of value you can't see
@@Greenby-vq4wo they are both of zero value
The only real currency are people
Zimbabwe has way too much gold. They just need to mine it.
Where is the gold? Zimbabwe doesnt have gold enough for that much currency. Tinozviziva izvo isu ma Zimbabwean. Nothing new for us.
@@Olcool Gold ririmo zvaro boss, it just being externalized without accounting for it pakupedzisira hatina chatinowana sema ordinary citizens
@@Olcool13 million tonnes of gold in the ground buddy. Why USA always tries to destroy Zimbabwe
@@OlcoolExactly all these ignoramuses just commenting on wishfulness. God cannot be mocked, you reap what you sow.
@@SeanBeatsMapsonLoad of rubbish. Do you think gold just bubbles out the ground? South Africa has at least ten times more gold than Zimbabwe.
The Gold in Zimbabwe is shining.
Well done Zimbabwe. Keep working hard
What are you guys going to go get your old Zimbabwe bucks? I got a feeling his gold standard is going to wreck your chance of being as a “Zimbabwe billionaire.”!😂 best of luck from America. Good move.
Go Zimbabwe!! This is a very smart move in my opinion. This is how the whole world operated before the federal reserve.. Precious metals like Gold will never lose their value and I would think has a much better protection against inflation... I hope it works and think it will!
Its not gold backed because you can't convert the ZiG to gold. When a currency is backed by gold it needs to be convertable to gold.
Go back to school and study economics it's gold backed because each paper is equivalent to curtain gold so if you buy a car in Japan the reserve bank will issue a bond if they don't want it they just send gold instead @@geniusnoble842
@@geniusnoble842 No, it doesn't. It just means that the supply is limited by the amount of gold on hand. If you want to print more money, you have to go mine more gold.
@@geniusnoble842Don't be a lier and spread silly lies, you can convert the ZIG to gold.
@@geniusnoble842Don't be a lier and spread silly lies, you can convert the ZIG to gold.
Congratulations to Zimbabwe currency
Big up Zimbabwe. All African countries have to follow the suit
Thank You Palki Sharma for always taking about what is happening in Africa. Best journalist
Love u my Zimbabwe people,🇨🇲
It's Cameron Flag
😂🤣😂
We love you too darling ❤❤❤
This will be a good idea if Zimbabwe has a lot of gold reserves. South Africa has a lot of gold and Zimbabwe is a neighbor so it must have a lot of gold otherwise, it would be based on its currency gold.
There is 13 million tonnes gold reserves in the Zimbabwe. Alm it needs is mining it
@Morelife22 nonsense!
You will be shocked on the amount of gold reserves in Zim as long as they don't get the EU and US crooks in there... They will be an economic power to recon with in Africa.
@@sylvesterekpenyong4555 dream on! Dreams don't make wealth. Righteousness, hard work, humility and good planning make wealth.
@@sylvesterekpenyong4555 If there really is so much gold in Zimbabwe then why are the people so poor? Simple question for you. There are no trade sanctions either. The small amount of gold produced in Zimbabwe goes mostly to the LBMA in London. Again, why the poverty?
Congratulations Zimbabwe 🇿🇼 sending love from uganda 🇺🇬
I will be forever grateful to you, you changed my whole life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Charity Jade.
Wow. I'm a bit perplexed seeing her been mentioned here also Didn't know she has been good to so many people too this is wonderful, I'm in my fifth trade with her and it has been super.
She is my family's personal Broker and also a personal Broker to many families in the United states, she is a licensed broker and a FINRA AGENT in the United States.
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I'm new in this, please how can I reach her?
You trade with Charity Jade too? Wow that woman has been a blessing to me and my family.
Thank you Palky for noticing our beloved country
Well done Zimbabwe 🇿🇼 God bless you .
Zimbabwe has enough gold to stabilize their currency.
Go watch aljezera documentary about the gold mafia😂😂
@@Sataka23clips
I watched it but it does not in any way change the fact that Zimbabwe has enough gold to use as a standard for her currency.
@@manasseskamau5327Integrity is the best gold. Without integrity and honesty you have absolutely nothing.
Maybe going back to "trade by barter" could be a better option.
Waooo congratulations dear brothers n sisters from Zimbabwe it's time now to shine🔥🔥🔥👏👏👏👏
I want to be optimistic but a more stable currency doesn’t necessarily mean greater economic productivity or better governance.
Congratulations Zimbabwe
God bless Zimbabwe, let's support our leaders ❤️ we continue to pray for our leaders for wisdom from above
It amazed me how one country can cause so much havoc and suffering for others for no apparent reason. This needs to stop
I am asking myself the same question
Zim was married to Britain then divorced late 80s the war can't stop because Britain is so jealousy can't let Zim go free so it create all problems and challenges for such a small county because, Zimbabwe is very rich in minenals google the great dike of Zimbabwe that is what the war is about and good farming Land, when you see big countries pursuing such a small Nation know that it's rich.
@@dsstudios5425 The only problem in Africa is Africans themselves.
this wasn't really necessary just just shut the money printing machines and the watch the currency appreciate in value. It's simple Economics....scarcity increases value......
They will probably turn on the money printer without having the required quantity of gold.
It will work ❤ 🇿🇼
Amen I believe it, if Nigeria can wake up and get rid of their elderly confused leaders, things can get better
I don't remember any currency circulation more than Rand and USD... ruppee, nooo... I'm Zimbabwean and I don't know any of that.... we know we're struggling but that's too much to add... Rand, pula they work not much though but I places near boarders... pounds, not really circulating.... Chinese and Japanese yuan ain't circulating too...
Thank you Zim. Forget those who know all. Just make sure you look for honest mining companies and ensure contracts that benefit your country at your country's terms. Do not allow yourselves to lose focus due to a lot of challenges that you have presently. It is the wealth that surrounds you that cause all the storms. If you look away pasop!
Vantage markets well done
Best wishes to you Zimbabwe
Africa need to unite and have one currency.
Thank you Pulki. U are even a better Economist than most Central Bank Governors.
Kenyan here
Zigi is a slang term associated with weed. Each time she says that I can’t think of anything but😂😂😂
Golden Zig 🪴
Faya bun dem all
Sounds about right. Hallucinations based on words.
Sounds about right. Hallucinations based on mere words.
As we reflect on Zimbabwe's many currency failures, can we talk about the decades of crippling US-led sanctions on that country?
What? Zimbabwe still has full trade with all Western countries. I just saw blue berries grown in Zimbabwe in a London store. What weak sanctions if any actually exist.
Sure it will work. Gold is gold.
Congratulations 🎊🎈 Zimbabwe 🇿🇼
Good news, congratulations.
Great for the Zimbabwe people.
I'm not sure this woman was the one to discuss this topic.
She seems ignorant of the geopolitical factors affecting Zimbabwe.
we'll just have to wait and see
Focus of farmers and crops bot money. Kasi may tendency pag di kaya nang oras ayusin ang karagatan for your trading stop trade okay. Food. Yan lang
I hope; that: it will!!!!
Good luck with this Zimbabwe..it's a sensible move imo..not sure the printers in the rest of the world will keep up.😂
Brave move. Being the first may attract criticism, but gold is natural money. So the sooner other gold producers adopt this approach the better it will be. But we know that the masters of mankind will do all they can tho subotage that move. ❤
Congratulations Zimbabwe 🇿🇼🇿🇦
It will work provided they have gold reserves. They can shore up gold reserves by rising productivity. Wish good luck to Zimbabwe
ZiG. I like the name. "You owe me 10 ZiGs." 😅
I’ll collect my 10 zig bro
Good job. Happy for you people of Zimbabwe
This will work. Big up Zimbabwe
Maybe this is most interesting moment in the history of modern money , maybe it can be the starting of gold backed currency just maybe
Pegging currencies to a fiat currency (United States Dollar) removes the necessity to have as much goal as possible to become a wealthy county. Or has Africa already forgotten the reason the colonist came in the first place. Only a few countries have enough gold or gold mines to survive a switch to gold, which is why those that do would be in fear of colonialism if they aren't strong enough.
This is about Zimbabwe, not "Africa".
@obinnaezealah2465 either or my comment stands, right? Use your brain to think harder next time.
stupid comments.
in one hand u admit usa dollar is a fiat currency yet u r Criticizing that very few countries have gold reserves,
so u r contradicting urself
idf gold currency is nit follow ed. then accept the US DOLLARS @@taylormattlock5433
@@taylormattlock5433 You're the one that needs to use your brain.
It might be the case that a country has easier access, i.e., supply, to gold than to a stable foreign currency to maintain the value pegged. I do wonder how Zimbabwe will get the gold to do this… as an alternative I would guess China might have had an interest in providing shiploads of yuan to sustain the peg (probably at the cost of the gold still to be extracted)
Hi Palki, I understand that South Africa, like in pre coup Johannesburg and a gold mining town, had a gold backed financial system and banking. Don't know what happened to it..maybe it moved?
Congratulations 🎉 Zimbabwe 🇿🇼
Maybe ZAR is teh way to go
Zimbabwean need to make gold also legal tender
Nah it better to keep it pegged to gold and store gold in reserves and exchanges
I commend their effort to sound currency. I wish them the best and perhaps all countries should follow suite
Your reporting never changes,no mention of external involvement factoring into the destabilization of the Zimbabwe economy .
Exactly. She sounds like a spokeswoman for imperialists.
The only problem in Africa is Africans themselves.
I Support Zimbabwe and it's Resolve.
Zimbabwe is just begging for "Democracy"
😂😂😂😂
😂😂😂
😂😂😂
Like the Democracy that went running out of Afghanistan with its tails between its legs and leaving behind 8 billion dollars of equipment?
Too many Americans live in a past where their military could do whatever it wanted.
Least of the problem is fluctuation of gold...
Backing your currency on the USD is madness all currency should go to the gold standard
Corruption !
It will simply repeat the history of Chinese gold yuan in 1948.
What happened, pls inform me?
Tell us, I don't believe a gold standard will help but what exactly happened in China ?.
@@anthonyyawtwumasimensah197 From August 1948 to 1949, the Chinese government issued gold yuan to collect gold from citizens. After taking gold from people, the government kept printing more and more of this supposedly "gold-backed" currency. At the end, the gold yuan become worthless. No one can print gold, but any corrupt government can print as much "gold-backed" currency as they like.
as a zimbabwean i can say we are cruising nicely things are now going well
This is music to my ears. 🎉🎉 Rise Africa, rise!🎉🎉🎉
It will work.✨
Show the Gold.
Inside the politicians foreign accounts😂😂😂😂😂
Exactly! A history of currency mess ups means Zimbabwe has a massive trust deficit. Where is the external auditor for this so-called gold? An internationally-accepted auditor is needed. If a team from PWC or similar came from Johannesburg with approved assayers, that would certainly help. Also, Zim used to have five tonnes of gold from independence, which gave stability to the currency but it was all sold in the 2000's. How is the currency gold backed if a person can't redeem the zig for actual gold? It appears to be just talk.
Why does it pain you so much that a country is minding it's own business? You have been making so many negative statements as if this issue shoved a bee up your backside. Mind your own business. I doubt that you even know Zimbabwe that well. I for one am a Zimbabwean and I'm feeling positive about what's happening.
@@user-uz3jm9yy9z congratulations, good for you.
@@user-uz3jm9yy9z The track record is not great my friend... Six iterations or currency resets within twenty years is unbelievable. It may represent the greatest sustained economic destruction in human history, and I'm being serious. You cannot expect people to gain faith overnight. It will need five to ten years of sustained currency stability for people to say, okay now this could be a credible situation. Also, not every single little hiccup can be blamed on the West. In fact the irony is that right now the West is the single biggest block for both diaspora economic refuge and remittances which are helping to keep relatives alive back in Zim. It's a sad reality. I'm hopeful it will change but it needs the right political will. Let's pray.
Did I hear Gold?--I may need to look into this.
#TheGreatAwakening
It will be helpful if you will include even the ways to address the crisis in these videos as it helps understand things completely.
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wanted to trade, but I got discouraged with the market price fluctuations
Can you recommend a guide for me?
I knew someone would mention Chrissy Barymoer, he is perfect in helping beginners grow. I would not recommend anyone else.
One day too, Nigeria will work!
They've got the Ziggy Marley currency. All hall Bob Marley 😂
Heck yea it shall work!! 😊
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is it going to be ZiG ZaG???😂😂😂
😂😂😂😂
There's QR CODE in note, what's that use?
Great idea, I hope this assists Zimbabwe recover from in financial woe’s.
Which currency is not exposed to fluctuations palki? Can you sanction gold without sanctioning yourself?
Why didn't they start off with US$ 1 = ZIG 0.50
Giving inflation and devaluation, say 500%, could become US$ 1= ZIG 3...
After all, Zimbabwe is largely an import dependent country. As they move to more export, they could devalue the currency by even 1000% to make export cheaper
Zimbabwe Did the Great work. Congratulations From Srilanka 🇱🇰
Smartest move by Zimbabwe 🇿🇼
How about the BRICS currency? When will it take effect?
As a Nigerian I am SO PROUD of Zimbabwe 🇿🇼. I really hope this works and they set an example for the rest of Africa
It will fail unless they turn to righteousness. Waaaaaaaay too much corruption as usual. No external audit of the gold. Too little. Useless.
CONGRATULION ZIMBABWE .❤
GOOD DAYS COMMING .
Great!
Sounds like they need some freedom 🇺🇸 🦅
"Gold"
That was a single from the Spandau Ballet album "True".
It was released in 1983 and only reached # 29 on the US pop charts.
Gold was considered affected and overwrought...
OfCourse it'll work.... but personally I think the entire continent of Africa should unite first and they create a 1 currency for the whole of Africa first and then add the accumulated value to the new African dollar currency which will have much more power in it's punch... and then the African dollar will run the world... for the foreseeable future...
God Bless you and come out from the mess. Wish your people get what they are entitled to based on the natural resources your country has.