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 $1 (£0.75) on Friday.
Zimbabwe's ZiG currency falls over 40% on interbank market
Zimbabwe's gold-backed ZiG currency fell more than 40% against the U.S. dollar on the interbank market from Thursday to Friday, the central bank's website showed. The Reserve Bank of Zimbabwe's website gave the mid rate for ZiG as 24.
Zimbabwe Said to Devalue Gold-Backed ZiG by 44% Against Dollar
Zimbabwe sold its gold-backed currency to banks at 44% less than the prevailing rate against the dollar Friday, according to four treasury dealers, effectively devaluing the unit.
Zimbabwe Devalues New Gold-Backed Currency by 44%
Zimbabwe's gold-backed ZiG currency has depreciated by 44% against the U.S. dollar, moving from 14 to 25 per dollar. This significant devaluation was reported by Bloomberg News and confirmed by the Bankers Association of Zimbabwe President Lawrence Nyazema.
Zimbabwe’s new gold-backed currency devalues by 40%; central bank pegs official rate at ZWG24,39 against the US$
Friday announced that the official rate now stands at ZWG24,39 against the US$. This follows pressure from the markets and demands for the central bank to adopt a realistic exchange rate. The new anno
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,
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 ...
(Special for CAFS) Zimbabwe, Zambia to receive increased water allocation for power generation at Kariba Dam
The Zambezi River Authority (ZRA) has allocated 27 billion cubic meters of water for the year 2025 to Zimbabwe and Zambia for hydropower generation at their two power stations on Lake Kariba amid ...
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 said to devalue new ZiG currency 44% against USD, Bloomberg News reports
Zimbabwe is said to have devalued its new gold-backed ZiG currency by 44% against the U.S. dollar, Bloomberg News reported on ...
Remains of South African freedom fighters arrive home from Zimbabwe and Zambia
South African officials say the remains of 49 freedom fighters who died while exiled in Zimbabwe and Zambia during the ...
Moneyweb6h
Zimbabwe said to devalue gold-backed ZiG 44% against dollar
The ZiG, backed by the nation’s gold and hard-currency reserves, was adopted in early April, replacing the Zimbabwean dollar, ...
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 ...
The Zimbabwe Mail4h
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 ...