The gold-backed ZiG, which stands for Zimbabwe Gold, is the country's sixth attempt at a stable currency in 15 years. It was introduced in April at a rate of 13.6 ZiG per U.S. dollar and has since lost almost 80% of its value on the black market. The country's central bank on...
Zimbabwe's central bank has launched a new currency called the Zimbabwe Gold (ZiG), which is backed by gold reserves, in an effort to stabilize the country's struggling economy and combat high inflation. The new currency will replace the Zimbabwean dollar, which has lost almost 100% of ...
The Reserve Bank of Zimbabwe (RBZ), the country's central bank, introduced the new gold-backed currency, known as Zimbabwe Gold or ZiG, on April 5, replacing the inflation-ravaged Zimbabwean dollar. ZiG joins a basket of currencies accepted as legal tender in Zimbabwe, with the U.S. doll...
HARARE,-Reserve Bank of Zimbabwe governor John Mushayavanhu has issued his maiden monetary policy statement, bringing with him a new gold-backed currency and promises to end the money-printing that tanked the Zimdollar. In his speech, Mushayavanhu talked tough, saying quasi-fiscal activities ...
Images by Reserve Bank of Zimbabwe.Perpetually economically ravaged Zimbabwe, where the annual inflation rate was 55.3% in March, is once again issuing a new currency. This time it is called the ZiG, and it was announced by the Reserve Bank of Zimbabwe on April 5. Although the introduction ...
GOVERNMENT is still working on a new currency that will be introduced into the market, a Cabinet Minister said Wednesday.Acting Finance Minister Sithembiso Nyon...
Currently, Zimbabwe is using electronic money known as RTGS, bond notes and coins after it banned the U.S. dollar in June this year which had been the trading currency alongside eight other currencies since 2009. Zimbabwe has grappled with cash challenges for years, resulting in some businesses...
Yesterday's Monetary Policy Statement came on the back of a sharp depreciation of the local currency which had quickened the redollarisation of the economy, five years after the return of the Zimbabwe dollar. About eight out of 10 transactions are being done in United States dollar, according...
A BULLISH Reserve Bank of Zimbabwe (RBZ) governor, John Mushayavanhu, says the country’s new currency, the Zimbabwe Gold (ZiG), will be a success that will “silence all the doubting Thomases” who are questioning it. Speaking at an oversubscribed breakfast meeting ...
Zimbabwe's central bank launched a new "structured currency" backed by gold on Friday, as it seeks to tackle sky-high inflation and stabilize the country's long-floundering economy. The ZiG—short for Zimbabwe Gold—will replace the Zimbabwean dollar which has tumbled in value over the past ...