Zimbabwe, ZiG currency
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 (£0.75) on Friday.
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 Devalues New Gold-Backed Currency by 44%
Zimbabwe's gold-backed ZiG currency has depreciated by 44% against the U.S. dollar, moving from 14 to 25 per dollar. This significant devaluation was reported by Bloomberg News and confirmed by the Bankers Association of Zimbabwe President Lawrence Nyazema.
Zimbabwe’s gold‑backed currency faces confidence crisis
As Zimbabwe’s ZiG currency struggles to gain public trust, illegal money changers thrive, driving inflation and highlighting deep-rooted economic issues.
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 said to cut value of gold-backed ZIG by 44%
Zimbabwe has devalued its gold-backed currency, the Zimbabwe Gold (ZiG), selling it to banks at a rate 44% lower than the prevailing dollar exchange rate. ・Zimbabwe devalued its gold-backed currency,
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Zimbabwe to cull 200 elephants to feed citizens left hungry by drought
Zimbabwe has authorized a mass slaughter of elephants to feed citizens left hungry by its worst drought in decades.
Zimbabwe criticized for allowing mass killing of elephants amid El Nino-produced drought
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China Mining Firms Partner with Zimbabwe on Lithium Mine
Chinese miners Zhejiang Huayou Cobalt Co. and Tsingshan Holding Group Co. are defying low lithium prices to develop a deposit ...
Cricket-Zimbabwe's Raza hails impact of franchise cricket on lower-ranked nations
Players from lower-ranked nations have limited opportunities to learn from competing with top-tier teams but franchise ...
Zimbabwe19h
Zimbabwe currency shock is central banker’s first taste of chaos
Spread This NewsBloomberg Zimbabwe’s latest attempt to introduce a new currency is coming undone, just five months after ...
The Zimbabwe Mail18h
Zimbabwe’s Inflation Soars to 880% as Currency Crisis Worsens, Warns Economist Steve Hanke
US-based economist and currency expert Steve Hanke has raised alarm over Zimbabwe’s skyrocketing inflation, which he ...