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Zimbabwe's ZiG currency still stronger than the rand!

by Staff reporter
04 Jun 2024 at 08:37hrs | Views
Zimbabwe's currency, the ZiG, continues to hold firm after its debut, the central bank in the country said.

The currency stands at 13.31 per US dollar, according to data published on the Reserve Bank of Zimbabwe's website on Monday, 3 June.

By comparison, the South African rand was trading at R18.56/$ at 07:20 on Tuesday, 4 June.

According to the Bloomberg website, the ZiG, short for Zimbabwe Gold, was introduced earlier this year.

It was Zimbabwe's sixth attempt to resuscitate the local currency.

Its predecessor, the Zimbabwe dollar, lost value every single trading day of this year before being abandoned on April 5.

As reported by The South African website, the ZiG will be "fully anchored and fully backed" by a basket of reserves comprising foreign currency and precious metals – mainly gold, Reserve Bank of Zimbabwe governor John Mushayavanhu said.

The move was aimed at fostering "simplicity, certainty, (and) predictability" in Zimbabwe's financial affairs, he added, presenting the new banknotes that will come in seven denominations ranging from 1 to 200 ZiG.

Source - the south african