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Zimbabwe's ZiG primed for seamless international acceptance and usage

by Staff reporter
10 Jul 2024 at 10:50hrs | Views
THE country's new currency, Zimbabwe Gold (ZIG) widespread acceptance locally will trigger a seamless acceptance regionally, Monetary Policy Committee member Mr Persistence Gwanyanya has said.

ZiG was introduced in April as part of a raft of policy interventions to address exchange rate volatility, curtail inflation, and restore macro-economic stability.

It is backed by precious minerals, mainly gold and foreign currency. Zimbabwe has 2,5 tonnes of gold and US$300 million in cash reserves to back the new currency.

Of the gold reserves, 1,5 tonnes are held at the RBZ vaults and one tonne is held offshore.

Source - The Chronicle