HARARE - The Reserve Bank of Zimbabwe (RBZ) has abandoned its fixed 2030 deadline for ending the multi-currency system, shifting its focus instead to achieving key economic conditions, while also preparing to roll out new ZiG banknotes aimed at improving transaction efficiency and strengthening the local currency.
At a time when Zimbabwe is planning a phased transition to a mono-currency system, with the goal of making the Zimbabwe Gold (ZiG) its sole legal tender by 2030, the ZiG has been ranked as one of the world’s worst-performing currencies, according to United States economist Professor Steve Hanke, who placed it sixth on his latest Hanke’s Currency Watchlist.
HARARE - A recommendation from the International Monetary Fund (IMF) to make Zimbabwe's ZiG currency the exclusive legal tender is being met with widespread public skepticism, primarily due to the nation's turbulent economic history and deeply entrenched distrust in official financial policies.
HARARE - The Reserve Bank of Zimbabwe (RBZ) has acknowledged the poor quality of its recently introduced currency, the Zimbabwe Gold (ZiG), and says it is taking steps to address the issue.
Zimbabwe's Justice Legal and Parliamentary Affairs Minister Ziyambi Ziyambi has admitted that citizens are struggling to trust the Zimbabwe Gold (ZiG) which has lost much of its value since its introduction in April.
While Zimbabwe's bid to join BRICS is facing significant hurdles due to economic instability and perceived fraudulent behavior, the country has made history by appearing on the newly unveiled BRICS currency mock-up showcased by Russian President Vladimir Putin at the Kazan summit this week.
HARARE - The Reserve Bank of Zimbabwe (RBZ) has reported that the new Zimbabwe Gold (ZiG) currency has achieved a 91% acceptance rate among businesses and the public.
Persistence Gwanyanya: "The adoption of structured currency, which is supported by international reserves including precious metals naturally increases interest in the contribution of the gold subsector, not only to currency stability, but the economy at large. At a time when the country is estimated to be losing significant amounts of gold to smuggling, gold production has been revised down to 35 tonnes from 39 tonnes, weighing down mining sector performance, which is worrying."
HARARE - The Reserve Bank of Zimbabwe (RBZ) is with immediate effect injecting over US$50 million into the interbank foreign exchange market to supplement liquidity under the Willing-Buyer Willing-Seller (WBWS) trading arrangement.
The Reserve Bank of Zimbabwe (RBZ) has announced a significant increase in the reserve coverage backing the Zimbabwe Gold (ZiG), the country's new currency, appearing to boost President Emmerson Mnangagwa's plans to gradually de-dollarise the economy.
