Zimbabwe's ZiG ended bout of instability, says IMF

The International Monetary Fund says the introduction of a bullion-backed currency by Zimbabwe has helped to end the instability that had plagued the economy.

"The ZiG official exchange rate has so far remained stable, ending a bout of macroeconomic instability in the first three months of the year," the Fund said in an emailed statement Wednesday following an Article IV review.

"Assuming that macro-stabilization is sustained, cumulative inflation in the remainder of the year is projected at about 7%."