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Browsing: Central Bank of Zimbabwe
- Zimbabwe is phasing out ZWL as it ushers a new gold-backed currency, ZiG, starting today, Monday, 8 April 2024.
- The ZiG is anchored by 2.5 tonnes of gold in the central bank’s vault and a basket of foreign currencies held as reserves.
- Zimbabwe’s new Central Bank Governor has announced sweeping reforms as the new currency enters everyday use.
Zimbabwe launched a new currency on Friday, 5 April 2024, called the Zimbabwe Gold or the ZiG. The launch of the new currency occurred during the announcement of the country’s latest Monetary Policy Statement (MPS) in an event presided over by newly appointed central bank governor John Mushayavanhu.
The MPS introduced measures and interventions to anchor the local currency and ensure exchange rate and price stability. The old currency, the ZWL, had depreciated to its lowest against the US dollar, roughly ZWL 32,000. It lost over 90 per cent of its …
