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...
A BRICS currency was a topic at the2024 BRICS Summitthat took place October 22 to 24 in Kazan, Russia. At the summit, the BRICS nations continued their discussions of creating a potentially gold-backed currency, known asthe "Unit,"as an alternative to the US dollar. The potential BRICS cu...
Many who earn a salary in local money rush to currency exchange shops on pay day. The government has previously resorted to various expedients to stabilize the economy, including issuing gold coins and launching a gold-backed digital currency but they have yielded little results. © 2024 AFP...
For one, the relatively limited supply of gold means that a fully gold-backed currency is unlikely to achieve a similar level of scale as the greenback. However, attempts to diversify even modestly away from a concentration in US Dollars to gold can offer a key source of support for the ...
Zimbabwe's new gold-backed currency the ZiG strengthened a day after its debut, even as it roiled commerce nationwide as banks, retailers and utilities battled to switch to the new unit. It gained 0.2% to 13.53 per US dollar, according to data published on the Reserve Bank of Zimbabwe's ...
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...
This entire turn of events — introduction of a new gold-backed currency, rapid adoption as a payment currency and gradual use as a reserve asset currency — will begin on Aug. 22, 2023, after years of development. Except for direct participants, the world has mostly ignored this prospect....
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The new currency will replace the Zimbabwean dollar, which has lost almost 100% of its value against the US dollar in the past year. The ZiG will be fully anchored and backed by a basket of reserves, including foreign currency and precious metals, mainly gold. However, some analysts ha...
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