Zimbabwe’s Gold-Backed ZiG Weakens Further After Devaluation
Zimbabwe’s gold-backed currency, which was devalued by 43% by the central bank on Sept. 27, remained under pressure on Monday.
Zimbabwe Already Devaluing New Gold-Backed Currency
In April, Zimbabwe introduced a gold-backed currency in an effort to stabilize the country’s financial system. Less than six months later, the Reserve Bank of Zimbabwe has already devalued the new money.
Zimbabwe knocks 40% off value of gold-backed currency
Zimbabwe's central bank has devalued its gold-backed currency by over 40% against the US dollar, indicating that the last ditch effort to stabilise the country's volatile economy, is in trouble. The Reserve Bank of Zimbabwe (RBZ) made the decision to slash the local exchange rate to 24 Zig to $1 (£0.
Zimbabwe's ZiG currency falls over 40% on interbank market
Zimbabwe's gold-backed ZiG currency fell more than 40% against the U.S. dollar on the interbank market from Thursday to Friday, the central bank's website showed. The Reserve Bank of Zimbabwe's website gave the mid rate for ZiG as 24.
Zimbabwe Said to Devalue Gold-Backed ZiG by 44% Against Dollar
Zimbabwe sold its gold-backed currency to banks at 44% less than the prevailing rate against the dollar Friday, according to four treasury dealers, effectively devaluing the unit.
Zimbabwe’s gold-backed ZiG weakens past 14 per dollar to record low
Zimbabwe’s bullion-backed currency has slid past 14 per dollar, its weakest level on the official market since it started trading five months ago. The ZiG, short for Zimbabwe Gold, is also experiencing its longest-yet losing streak against the dollar,
Zimbabwe allows currency to slump over 40%, hikes policy rate
Zimbabwe's central bank allowed the local gold-backed currency to fall over 40% against the dollar on Friday and hiked its policy rate, giving in to weeks of sustained pressure on the currency which was only launched in April.
Zimbabwe's president vows to implement measures to stop currency slide
Zimbabwe's President Emmerson Mnangagwa on Wednesday vowed to implement corrective measures to protect people's incomes after ...
AllAfrica.com2h
Zimbabwe: Treasury Says It Will Make Adjustments to Civil Servants' Salaries Run Down By Zwg
FINANCE minister Mthuli Ncube said last week's devaluation of the ZiG currency by almost 44% was a result of a new policy by the Central Bank and measures were being drafted to compensate those ...
Zimbabwe currency plunges after central bank move to allow more flexibility
An economist says the drop is an adjustment toward the ZiG's real value and a reflection of the actual state of Zimbabwe’s ...
Bulawayo 244dOpinion
Zimbabwe's government: The biggest threat to its own currency
The Reserve Bank of Zimbabwe's (RBZ) recent decision to devalue the Zimbabwean Gold (ZiG) by 50% has left the nation reeling.
iafrica2d
Zimbabwe Devalues Gold-backed Currency by 40%
Zimbabwe's central bank has devalued its gold-backed currency, the Zig, by over 40% against the US dollar, raising concerns ...
Mining Weekly8h
Zimbabwe softens stance on local lithium processing after price collapse
Zimbabwe has softened its requirements for lithium miners to process the mineral locally, a government official said on ...
AllAfrica.com4h
Zimbabwe: Bring Sanity to Zimabwe's Economic Situation - Opposition Reacts to Mnangagwa's State of the Nation Address
DISTURBED by the constant loss of income through devaluation of the local currency over the years, opposition MPs say it is high time the government addresses Zimbabwe's economic challenges.