WEBVTT - Can The ZiG Make Hyperinflation History?

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<v Speaker 1>In Southern Africa, a nation may have found a new

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<v Speaker 1>solution to one of its long standing issues. Zimbabwe is

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<v Speaker 1>replacing its battered dollar with a new unit. It's called

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<v Speaker 1>the Zig. The sweeping move is Zimbabwe's six attempts to

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<v Speaker 1>have a functional currency since two thousand and eight. So

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<v Speaker 1>can this new currency really make a difference in a

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<v Speaker 1>country with crippling inflation?

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<v Speaker 2>With the new currency being launched, the expectation by the

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<v Speaker 2>central bank is that inflation is going to begin to four.

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<v Speaker 1>This week, I discussed with my colleague Ray and Lovu

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<v Speaker 1>in Zimbabwe about the introduction of the new unit, its

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<v Speaker 1>unexpected effect on the stock market, and I ask him

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<v Speaker 1>if the Zig is really the solution to the country's

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<v Speaker 1>year's long currency crisis. I'm Jennifer Zaba Saja. This is

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<v Speaker 1>the Next Africa Podcast, bringing you one story each week

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<v Speaker 1>from the continent with the context only Bloomberg can provide. Hey, Ray,

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<v Speaker 1>so you're in Harare, the capital of Zimbabwe, and we

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<v Speaker 1>want to get your thoughts on the Zig, the country's

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<v Speaker 1>new currency that's really been making headlines around the world.

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<v Speaker 1>But before we do that, I want to first ask

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<v Speaker 1>you about the previous iterations of the currencies that was

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<v Speaker 1>being used in the country, and specifically the Zimbabwean dollar.

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<v Speaker 1>It was one of the worst performing currencies in the

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<v Speaker 1>world until it was scrapped. So can you just take

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<v Speaker 1>us back to the beginning of the story.

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<v Speaker 2>Thank you, Jen. So everything pretty much begins during the

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<v Speaker 2>time of ipay inflation. That's back in two thousand and eight.

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<v Speaker 2>Ipainflation rages too, recorded levels of over fifty billion ascent.

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<v Speaker 2>The Zimbabwean dollar then is abandoned in favor of the

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<v Speaker 2>US dollar. That's when the US dollar is introduced in

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<v Speaker 2>February two thousand and nine. For ten years, the US

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<v Speaker 2>dollar is used to be the transacting currency and then

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<v Speaker 2>it's abandoned by again. This time the Years dollar is

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<v Speaker 2>abandoned in favor of the zimbabwe dollar. That doesn't last

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<v Speaker 2>for long. By the time of COVID authorities, they ever

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<v Speaker 2>rethink of the entire situation and they allow for a

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<v Speaker 2>multi currency system. So that's basically now you know, the

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<v Speaker 2>local currency being allowed to transact, to to be used

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<v Speaker 2>side by side with the Years dollar.

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<v Speaker 1>And people were using the dollar for just about everything

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<v Speaker 1>in life.

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<v Speaker 2>Yeah, dollars are useful, you're basic every day sort of

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<v Speaker 2>like day to day transactions. If you're buying your airtime,

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<v Speaker 2>buying food in the supermarket, fuel, paying for medicines, your rentals,

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<v Speaker 2>your school fees, so pretty much what is the fabric

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<v Speaker 2>of life.

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<v Speaker 1>So that was the status quo for a while, but

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<v Speaker 1>it didn't stay that way for long.

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<v Speaker 2>Things really take a nasty turn for lack of a

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<v Speaker 2>better term, at the start of the year, there's a

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<v Speaker 2>lot of demand for foreign currency. It's usually a period

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<v Speaker 2>when the foreign current the inflows in the country are

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<v Speaker 2>very low, so there's not a lot of dollars coming

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<v Speaker 2>through the formal channels, and a lot of companies and

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<v Speaker 2>individuals moved to the black market in search of dollars.

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<v Speaker 2>And then this creates such a huge demand and the

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<v Speaker 2>normal auction which officially supplies dollars, you know, is shut

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<v Speaker 2>down for the Christmas holidays, so you have a high

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<v Speaker 2>demand for dollars at the time and very little inflows

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<v Speaker 2>as well. And basically everything almost works against, as it were,

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<v Speaker 2>against the zim dollar because a lot of people want

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<v Speaker 2>access to dollars, there's not enough inflows and it starts

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<v Speaker 2>plunging and you know, gen the zim dollar basically until

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<v Speaker 2>its end on April five, had lost value every single

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<v Speaker 2>trading day, so it's quite you know, a significant fall.

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<v Speaker 2>I think it had lost almost about eighty percent of

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<v Speaker 2>its value by the time it was retired.

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<v Speaker 1>What exactly the differences between the ZIG, the Zimbabwe Gold

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<v Speaker 1>and the other iterations of Zimbabwe's currencies.

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<v Speaker 2>The main difference between the ZIG Zimbabwe Gold and other

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<v Speaker 2>versions of past currencies that the country has had is

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<v Speaker 2>that the ZIG is backed by gold. This is one

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<v Speaker 2>of the key selling points that authorities have you been

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<v Speaker 2>drumming up and making the public away that the currency

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<v Speaker 2>is backed by gold, precious metals and about one hundred

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<v Speaker 2>million dollars in foreign currency reserves. The Finance minister in

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<v Speaker 2>an interview with US earlier this month, he indicated the following.

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<v Speaker 3>You know, most African countries and countries in major markets

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<v Speaker 3>are facing trouble with currency.

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<v Speaker 2>Well not.

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<v Speaker 3>Everyone's trying to figure out how to stabilize their domestic

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<v Speaker 3>currencies to maintain competitiveness. In Zimbabwe, we think we'll figured

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<v Speaker 3>it out by making sure that our currency is linked

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<v Speaker 3>to certain reserve assets, had assets. That's how we've constructed it.

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<v Speaker 2>The main thing, it's got gold bagged, it's got reserves.

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<v Speaker 2>The previous versions of the currency were not backed by anything.

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<v Speaker 2>There's nothing, you know, it was anchored on. So basically

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<v Speaker 2>you had a printing press almost running a mock in

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<v Speaker 2>terms of printing as much supply of the Zimbabwe dollar

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<v Speaker 2>that you have. And now the commitment that has come

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<v Speaker 2>around this time around is that they will not print

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<v Speaker 2>any more ZIG than is available to be backed by

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<v Speaker 2>the gold reserves. So that should theoretically provide the stability

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<v Speaker 2>that is eluded Zimbabwe for many years and the chaos

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<v Speaker 2>that you've seen with other currencies before.

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<v Speaker 1>So, y, how has the ZIG performed thus far? I mean,

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<v Speaker 1>are there any risks for the currency moving forward?

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<v Speaker 2>So the currency has gained just over two percent against

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<v Speaker 2>the dollar since its introduction. It's obviously something quite significant

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<v Speaker 2>because you know, it's previous iteration, this Zimbabwe dollar had

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<v Speaker 2>been losing a value every single day of the year. Well,

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<v Speaker 2>authorities pretty much see the main risk on top of

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<v Speaker 2>deflation being the currency strengthening too much and that causing

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<v Speaker 2>a loss of competitiveness for industries because of a strong currency.

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<v Speaker 1>And most recently the currency is surprisingly having some unintended

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<v Speaker 1>impacts on the stock exchange.

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<v Speaker 2>Yeah, so the stock exchange is probably one very good

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<v Speaker 2>indicator of what the impact of the new currency has been.

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<v Speaker 2>First of all, you know, we spoke to trade as

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<v Speaker 2>stock brokers and a few companies as well that have

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<v Speaker 2>activities on the stock market. They've seen a muted activity

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<v Speaker 2>over the last two weeks. So basically what this translates

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<v Speaker 2>to is a fall in their incomes because they rely

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<v Speaker 2>on fees and commissions from activity on the stock market.

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<v Speaker 2>So now because of the new currency, which is stable

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<v Speaker 2>and there's been very very little activity and that translating

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<v Speaker 2>intowards stock brokers, they've called a painful early way winter

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<v Speaker 2>for them. So I think one of the people that

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<v Speaker 2>we spoke to was talking about declines of as much

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<v Speaker 2>as fifty percent in revenues among stockbrokers.

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<v Speaker 1>I feel like this is not something that the Central

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<v Speaker 1>Bank governor, who was behind the creation of the ZIG

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<v Speaker 1>or the Zimbabwe gold was expecting.

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<v Speaker 2>I think to an extent they expected this, perhaps not

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<v Speaker 2>the effect because it does also affect government revenues because

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<v Speaker 2>they do call it taxes as well from an activity

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<v Speaker 2>on the stock market. But I think they expected the

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<v Speaker 2>new currency, the ZIG buying large to provide some stability

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<v Speaker 2>right across all economic sectors and the Finance Minister in

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<v Speaker 2>the early days of the new currency's launch. You know,

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<v Speaker 2>he also hinderated that they could foresee some sort of

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<v Speaker 2>stability setting into the stock market and particularly on the

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<v Speaker 2>share prices.

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<v Speaker 1>As far as businesses go, the introduction of a new currency,

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<v Speaker 1>I can only imagine it presents a few challenges or

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<v Speaker 1>a number of the people involved. I mean, what is

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<v Speaker 1>it that they're actually having to prepare for.

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<v Speaker 2>So with businesses, what the that to do is pretty

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<v Speaker 2>much convert their systems from the old currency of the

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<v Speaker 2>Zimbabwean dollar to the ZIG. So it's an activity that

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<v Speaker 2>initially disrupted commerce because you know, they had to do

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<v Speaker 2>this switchover. It doesn't you know, all done at the

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<v Speaker 2>same time. Some banks were able to finish much quicker

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<v Speaker 2>than others and others took much longer. So you had

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<v Speaker 2>some disruptions that took place to commerce and everyone. So

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<v Speaker 2>like try to change over to ZEG from the Zimbabwin dollar.

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<v Speaker 1>After the break, we dig into the man behind the

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<v Speaker 1>launch of the ZIG in Zimbabwe and what exactly he's

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<v Speaker 1>trying to achieve for the country's economy. We'll be right back.

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<v Speaker 1>Welcome back, all right, let's talk about the Central Bank,

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<v Speaker 1>Ray because the central Bank governor has really been outspoken

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<v Speaker 1>in terms of his support for the ZIG. Can you

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<v Speaker 1>just talk to us about the governor and what exactly

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<v Speaker 1>he's been saying.

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<v Speaker 2>So he's been very polish promoting the new currency. Since

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<v Speaker 2>it's long he's been on several speaking engagements across the

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<v Speaker 2>country to explain what the currency is all about and

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<v Speaker 2>what he sees happening. So the governor has got his

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<v Speaker 2>work cut out in terms of convincing the population. And it's

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<v Speaker 2>also been very vocal as well, you know, saying that

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<v Speaker 2>the starting point is for them as a central bank

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<v Speaker 2>to win back that confidence that they've lost over the

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<v Speaker 2>past couple of years because of you know, the experiences

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<v Speaker 2>of high pain inflation.

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<v Speaker 1>And what does he achieve with the introduction of this currency.

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<v Speaker 1>I mean, obviously, if things go well, he can tell

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<v Speaker 1>the fact that he was at the helm when the

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<v Speaker 1>Zimbabwean currency actually succeeded. But is there something else that

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<v Speaker 1>we're maybe missing here the governor.

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<v Speaker 2>We had to sit down interview with him recently and

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<v Speaker 2>that's one of the first things that we posed to

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<v Speaker 2>him to say, what is he trying to achieve with

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<v Speaker 2>this new currency, and this is what he had to say.

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<v Speaker 2>MY main priority is to make sure that I stabilize

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<v Speaker 2>the currents in the next ninety three hundred days. So

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<v Speaker 2>he's sticking to the mandate of the central Bank, which

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<v Speaker 2>is price stability and exchange rate stability. That's what he's

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<v Speaker 2>setting out to do over the next one hundred days

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<v Speaker 2>since his appointment on March twenty eight.

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<v Speaker 1>And that would require a lot of things to be

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<v Speaker 1>put in place by authorities in order to get buy

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<v Speaker 1>And I assume is there buy in at this point

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<v Speaker 1>in time, and how did authorities actually go about rolling

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<v Speaker 1>out this new unit.

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<v Speaker 2>So the authorities themselves, they are saying one of the

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<v Speaker 2>things that they've agreed on is that they'll last companies

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<v Speaker 2>to pay fifty percent of their quarterly taxes in Zeke

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<v Speaker 2>as a way to promote demand. But that's been as

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<v Speaker 2>far as the main sort of ask from them. So

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<v Speaker 2>I think they need to do more if that demand

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<v Speaker 2>for Zeke is going to really take a place within

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<v Speaker 2>the economy. What they've asked so far as the starting point,

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<v Speaker 2>we'll see a lot of demand in June for payments

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<v Speaker 2>of taxes by companies, and they the governor himself has

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<v Speaker 2>also say that he expects the ZEK to strengthen even

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<v Speaker 2>further around that time period.

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<v Speaker 1>And Ray, as we mentioned you're in Harara. I mean,

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<v Speaker 1>what's been the reaction on the streets. Considering these are

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<v Speaker 1>many people who have probably lived through the days of

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<v Speaker 1>hyperinflation in Zimbabwe, how are they actually feeling about this?

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<v Speaker 2>The selling point about being gold backed really means nothing

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<v Speaker 2>to a lot of people. People have lost before, savings,

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<v Speaker 2>they've lost money before. So the feeling is here we

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<v Speaker 2>go again. You know, whether it to work or not

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<v Speaker 2>is really something that a lot of people are still

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<v Speaker 2>holding out and not banking and believing, you know, it's

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<v Speaker 2>going to work out. At the moment, the key issues

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<v Speaker 2>the central bank has to win over the confidence of citizens.

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<v Speaker 1>And finally, Ray, we're still talking about a country that

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<v Speaker 1>has inflation that is north of fifty percent. There's poverty,

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<v Speaker 1>there's also unemployment. There are a number of economic issues

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<v Speaker 1>that Zimbabwe is grappling with on a daily basis. If

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<v Speaker 1>the ZIG actually succeeds, does it help resolve some of

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<v Speaker 1>these issues.

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<v Speaker 2>With the new currency being launched, the expectation by the

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<v Speaker 2>central Bank is that inflation is going to begin to fall.

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<v Speaker 2>In fact, the Governor told us that he sees inflation

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<v Speaker 2>anyway below five percent and that's on the back of

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<v Speaker 2>inflation which in March was around fifty five percent, So

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<v Speaker 2>the expectation is to bring it down to single digits

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<v Speaker 2>by the end of this year as a result of

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<v Speaker 2>the introduction of the Zeke the Zimbabwe Gold.

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<v Speaker 1>Ray thanks again so much for your time, and as

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<v Speaker 1>Ray said, it may be too early to tell whether

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<v Speaker 1>the Zimbabwe goal will actually be deemed a success for

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<v Speaker 1>the country. Zimbabwe has been relying on the US dollars

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<v Speaker 1>since two thousand and nine, back to the time of hyperinflation,

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<v Speaker 1>and as mentioned, it now accounts for eighty percent of

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<v Speaker 1>all transactions in the economy, so key to adoption and

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<v Speaker 1>as the Deputy President says, eventually dedollarization may be the

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<v Speaker 1>zig being more widely accepted for your basic needs, so

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<v Speaker 1>that Zimbabweans can actually feel the benefit of a currency.

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<v Speaker 1>And you can hear more stories like this one on

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<v Speaker 1>the Next Africa podcast, available every week, and don't forget

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<v Speaker 1>to subscribe, rate and review this podcast. We'll be back

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<v Speaker 1>next week.