President William Ruto on Saturday, April 27, lauded Zimbabwe's gold-backed ZiG currency saying it was a potential driver for the economic resurgence of the Southern African country.
Speaking at the Bulawayo State House in Zimbabwe, the head of state commended the country's decision to introduce the distinctive currency, highlighting it as a significant step towards economic recovery.
Ruto emphasised that the bold overhaul of Zimbabwe's monetary policy would play a crucial role in driving the country's economic resurgence and combating the dollar's dominance.
“To underscore this observation, I further note your government’s decision to break new ground in monetary policy and inaugurate a new currency backed by gold," Ruto stated.
"This is compelling proof of Your Excellency’s irrevocable intent to usher in a new era of economic recovery and transformation," the Kenyan head of state added.
Ruto further noted Zimbabwe's untapped reserves of copper, lithium, platinum, silver and gold represented the country's tremendous wealth.
Thus, it was significant for the country to deploy the precious metals back into the country's currency.
The Zimbabwe Gold (ZiG) was first launched in early April, this year even as the country kicked off the first step to economic revival after 25 years of crisis.
ZiG currency replaces the Zimbabwean dollar, which lost three-quarters of its value this year. ZiG banknotes were introduced with several denominations of range between 1 to 200.
The country's ZiG currency will be officially launched on the final day of April this year even as the country marks a fresh start to economic recovery.
Meanwhile, other things discussed during Ruto's two-day visit to Zimbabwe included the two countries' commitment to accelerate the development of energy, transport and communications infrastructure.
"We have a common and rich liberation war history and a shared vision for prosperity, peace and progress. As we look into the future, we must now leverage the current social, political and economic ties," the Kenyan president announced.
