Exploring Public Trust in Zimbabwe Gold Backed Currency (ZIG)

Abstract

Public trust is critical in ensuring confidence is gained and the currency is accepted. This study examines public trust and elements that lead to skepticism among the public regarding the introduced Zimbabwe Gold Currency (ZiG). The objective of the study is to explore factors influencing public trust in the ZiG among different socio-economic groups in Zimbabwe. The study employed a mixed-methods approach, to explore the public trust in the ZiG. The findings show that the populace has been very skeptical of the adoption of gold-backed currency. The ZiG’s expected circulation and acceptance seem to be deficient, which is indicative of a larger apprehension regarding the new currency’s dependability and effectiveness. The Reserve Bank of Zimbabwe’s difficulties in gaining public support, which is a prerequisite for the effective execution of any monetary policy, are underscored by the lack of trust and faith in the ZiG. The findings suggested that there is a need for economy-wide consultations and awareness-raising before making important economic policy decisions.