“It Didn’t ZiG, it ZAGGED”: American Economist Steve Hanke Criticizes Zimbabwe’s New Gold-Backed Currency ‘ZiG’

American Economist Steve Hanke Criticizes Zimbabwe’s New Gold-Backed Currency ZiG

Renowned American Economist Steve Hanke has come out to weigh on the newly introduced Zimbabwe Gold (ZiG) currency.

In a series of posts on X, Steve Hanke has criticized and mocked the ZiG currency claiming that the newly introduced currency ‘didn’t ZiG but it Zagged.’

Also Read: “Steve Hanke’s Calculations Are Flawed…He Is Not A True Economist” – ZimStat Disputes Claims That Inflation Figures Are Sugarcoated

Zimbabwe’s ZiG Currency Mocked by Steve Hanke, Questions Raised About Gold Backing

Taking to his X, Steve Hanke stated that Zimbabwe has introduced a new currency, the 6th one in 10 years. He went on to question the gold is at since it supposed to be backed by gold.

“Zimbabwe has introduced a new currency – the ZiG – the 6th in TEN YEARS.

The ZiG is supposed to be backed by gold.

BUT WHERE’S THE GOLD?

Where there’s a ZiG, there’s a ZAG.”

In another post, Steve Hanke claimed that chaos had already started ensuing in Zimbabwe following the introduction of the new currency ZiG.

Chaos has ensued with Zimbabwe’s latest currency gamble, the ZiG – the 6th in the last decade.

Payment networks are down, so banks attempting to transfer ZWL to ZiG could not do so.

Steve Hanke Highlights Zimbabwe’s Monetary Incompetence with ZiG Currency Introduction

He went on to state that Zimbabwe’s monetary incompetence knows no bounds asserting that “where there is a ZiG, there is a ZAG”

ZIM’s MONETARY INCOMPETENCE KNOWS NO BOUNDS. Where there’s a ZiG, there’s a ZAG.

Also Read: From ZWL to ZiG: Zimbabwe Announces New Gold-Backed Currency – Here Is What You Need To Know

Steve Hanke asserted that the way Zimbabwe government agencies are asking for customers to pay in USD says a lot about the newly introduced ZiG currency.

“Most ZIM government agencies are asking customers to pay in USD.

It says a lot about the viability of Zimbabwe’s much-advertised new currency – the ZiG. It didn’t ZiG, it ZAGGED.”

The post “It Didn’t ZiG, it ZAGGED”: American Economist Steve Hanke Criticizes Zimbabwe’s New Gold-Backed Currency ‘ZiG’ appeared first on iHarare News.