By Margaret Kamba 

His Excellency, President Emmerson Dambudzo Mnangagwa, has expressed his satisfaction at the efforts to have the local currency ZIG stand on solid ground.

His visit to the RBZ follows that of the IMF to the ZANU PF Headquarters, where the delegation was schooled on the efforts by President Mnangagwa to revive the economy.

True to his vision, President Mnangagwa has put in place numerous measures to have the lives of the ordinary people uplifted.

In the past, attempts by Government witnessed a runaway currency controlled by a few individuals and detected the exchange rate willy-nilly.

Speaking during his visit to the vaults, President Mnangagwa said the gold is there and backing the local currency.

"For a country to be solid and even a currency to be respected, it must have a backing of solid gold. We didn't have this before and we decided to have it," President Mnangagwa said. 

"Physically, here it is. I believe that our currency now stands on solid ground because it is backed by solid gold, which is seen."

The Reserve Bank of Zimbabwe Governor, John Mushayavanhu, said the stability of the ZIG has been backed by the gold in stock. Over 3.4 tonnes of gold is in the RBZ vault.

"We have 17 billion ZIG worth of money in circulation in this market. The gold and forex that we are holding is worth 700 million United States Dollars or 19 billion ZIG. That means every ZIG that is in circulation is covered by this gold we are seeing here. This is why we are seeing that the stability in the currency has been prevailing over the past year."