It’s astonishing how easy it is to convince oneself to see what simply isn’t there. The Reserve Bank of Zimbabwe (RBZ) wants us to believe that the growing number of transactions conducted in the Zimbabwe Gold (ZiG) is a sign of renewed public confidence in the local currency. What we are witnessing is not the acceptance of the ZiG—it is its rejection.
Zimbabweans are not embracing the currency; they are getting rid of it as quickly as possible, using every available means—cash, POS, or electronic transfers—before it loses value. This is not confidence; it is a collective attempt by a people long-burnt by their government to dump a currency they know will not last. Let’s be frank — if I have both USD and ZiG, chances are very high that, unless in unavoidable situations like buying fuel for my car, I’ll use the ZiG for most of my grocery purchases and electricity payments, while keeping the USD as a sure store of value.
Because history has taught us to never hold on to a Zimbabwean government-issued currency for too long. The RBZ’s recently published ZiG Perception and Confidence Survey II is little more than a propaganda exercise dressed up as economic analysis. The so-called “surge in acceptance” to over 90 percent is not a reflection of growing trust, but the product of coercion and limited choice. But that doesn’t mean people have confidence in it — it simply means they are complying with policy, not embracing it by choice.
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