By Ndumiso Tshuma
Commuter omnibus operators in Bulawayo have expressed mixed feelings over the introduction of the Zimbabwe Gold (ZiG), with some hailing it as a good move while others said it will not be different from previous local currencies.
ZiG notes and coins have started circulating, with banks issuing them out to the public this week.
Simon Mahlangu, a taxi driver, stated that he sees the currency change as a positive development if it leads to more stable economic conditions and better access to cash for daily transactions.
“I hope the new currency will help address issues such as cash shortages and change shortages, which have affected our business in the past,” said Mahlangu.
However, Nkosilathi Siziba said he was pessimistic that the new currency will improve their operations.
“My major concern is the change in fuel prices, inflation, and the exchange rates of the new currency on how they could affect our profit and our ability to sustain our business. Right now, I cannot plan for the future or even budget because there have been uncertainties surrounding its acceptance. The majority of my clients and colleagues are saying that they fear that the ZiG will turn out to be similar to the bond, which ended up losing value,” said Siziba.
Thabisani Nyathi said the new ZiG currency will only confuse the transport business as some of his customers have rejected it.
“My daily customers who I transport have refused to be given change in ZiG notes after they have paid in USD. My customers have said that they prefer us to continue with the system of paying US$1 for two or 10 Rand for one,” said Nyathi.
Tshova Mubaiwa Transport Corporation chairperson Atlas Moyo said it would be difficult for them to accept payment in the local currency if fuel stations demand payment in foreign currency.
Another public transport association, Expriccoss, said they have been forced to introduce tokens to deal with the change issues.
“Our main issue has been change, but we have come up with methods on how to solve the issue of change by developing 50 cent coupons that are equivalent to 10 rand. So when a customer is short of change, we give them a 50 cent coupon, which is equivalent to one trip to one’s destination when using our facilities. We hope that the introduction of the ZiG will help in terms of change because it has been an ongoing issue amongst our transport business as our customers always prefer to be given cash instead of a coupon,” said Bukhoisi Ncube, a member of the association.
Meanwhile, RBZ Governor John Mushayavanhu has stated that Zimbabwe is still in a multi-currency regime and that nothing is stopping a fuel dealer from selling fuel partly in ZiG and any other currency.
“If the fuel dealer is not going to sell in ZiG, they are going to go through a situation where they are going to be looking for ZiG come June and July because they are also a taxpayer and they are supposed to pay 50 percent of their tax in ZiG. If they are not selling their products in ZiG, where are they going to get the ZiG from? I have to warn them that when we get to June and July, the rate of ZiG will strengthen, and they will be actually losing out. If I were a fuel station, I would start selling some of my fuel in ZiG and some of it in USD because we are in a multi-currency system,” said Mushayavanhu.
