Zimbabwe's recently introduced gold-backed currency, the Zimbabwe Gold (ZiG), is facing uncertainty amidst fiscal policy challenges and a lack of clear direction from the government.
The Zimbabwean government's introduction of a new currency, Zimbabwe Gold (ZiG), has been met with skepticism by many citizens who are concerned about the country's economic stability. The currency, which is backed by gold and other precious minerals, was introduced in April this year but has already faced significant challenges.
In its first public comment on Zimbabwe's new gold-backed currency, the International Monetary Fund (IMF) has welcomed the introduction of the Zimbabwe Gold (ZiG) as a significant and positive policy action.
HARARE - The Zimbabwean Parliament this week engaged in a debate on a motion tabled by the Deputy Minister of Finance, Investment Promotion and Economic Development Kudakwashe Mnangagwa to repeal Statutory Instrument (SI) 118. SI 118 which previously allowed businesses to charge a 10% margin on top of the official exchange rate when selling goods and services.
Zimbabwe's recently launched gold-backed currency, the ZiG, has already weakened to its lowest level against the US dollar since its debut a month ago.
According to the state-controlled Sunday Mail newspaper, Zimbabweans will start withdrawing cash and coins from their bank accounts on Tuesday. In an interview with the newspaper, Reserve Bank of Zimbabwe (RBZ) governor John Mushayavanhu said all the necessary information about the distribution of the money and withdrawal limits has been relayed to commercial banks.
Despite assurances from the Reserve Bank of Zimbabwe (RBZ) governor Dr John Mushayavanhu and a crackdown on alleged currency manipulators, Zimbabwe's new gold-backed currency, the ZiG, faces a rocky start as it experiences depreciation and skepticism.
HARARE - Zimbabweans may soon be able to purchase fuel using the new Zimbabwe Gold (ZiG) currency, Reserve Bank of Zimbabwe governor Dr John Mushayavanhu told legislators on Tuesday.
