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Mitigate the currency instability and hyperinflation
- Last month, Zimbabwe rolled out a new gold-backed currency called the ZiG, or Zimbabwe Gold, in an effort to mitigate the currency instability and hyperinflation that has plagued the country for decades.
www.weforum.org › agenda › 2024The ZiG: Zimbabwe rolls out world’s newest currency | World ...
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Apr 5, 2024 · 5 April 2024. By Shingai Nyoka,BBC News, Harare. Getty Images. The new banknotes come in denominations from 1 to 200. Zimbabwe has introduced a new gold-backed currency called ZiG - the name stands...
4 days ago · Last month, Zimbabwe rolled out a new gold-backed currency called the ZiG, or Zimbabwe Gold, in an effort to mitigate the currency instability and hyperinflation that has plagued the country for decades. The country is “recalibrating its monetary policy framework to re-anchor price and exchange rate stability and to boost confidence in the ...
- What Is A Gold-Backed Digital Currency?
- Why Has The E-Currency Been introduced?
- Timeline of Major Policies on Legal Tender in Zimbabwe
- How Has The E-Currency Been received?
Backed by a certain amount of gold, which helps keep its value stable, this currency is tied to the market value of the gold – unlike a fiat currency. The Zimbabwe gold-backed digital currency will be used as legal tender and a store of value alongside the Zimbabwean dollar and bond notes. Users can buy and sell it using Zimbabwean dollars and othe...
Zimbabwe, where hyperinflation has been a recurring economic feature over the last two decades, uses both the United States dollar and the Zimbabwe dollar for transactions. The latest move to introduce gold-backed coins is part of a wider plan by the central bank to stabilise the country’s local unit, which has been faltering against the US dollar,...
1980:The Rhodesian dollar is renamed the “Zimbabwe dollar” in 1980 after independence from Britain.2003:Zimbabwe issues the first series of low-denomination bearer cheques to ease cash shortages.2006:The country issues a second series of higher-denomination bearer cheques until 2008, with as much as 10 trillion dollar notes being issued as inflation ravages the economy.2009:A multi-currency system involving the US dollar and other major currencies – such as the euro, the British pound and the South African rand – is adopted to end hyperinflation.“These are financial instruments designed to give an investment alternative to gold coins and other asset classes,” Clive Mphambela, the chief director of communications in the Ministry of Finance and Economic Development, told Al Jazeera. But economists are not convinced by projections for the e-currency. Godfrey Kanyenze, economist and founder of...
- Chris Muronzi
Apr 5, 2024 · Zimbabwe has replaced its collapsed local dollar with a new gold-backed currency, the latest move by President Emmerson Mnangagwa’s government to tackle decades of monetary chaos.
- Joseph Cotterill
Apr 5, 2024 · Zimbabwe is replacing its collapsing local currency with a new one backed by gold and foreign currencies that it hopes will be more stable and help bring down inflation, the central bank said...
- Nyasha Chingono
Apr 28, 2023 · Zimbabwe will launch a digital currency next month by introducing “tokens” that are backed by gold reserves and can be transferred between people and businesses as a form of payment, the country’s central bank said Friday April 28, 2023. (AP Photo/Tsvangirayi Mukwazhi, File) Read More. By Farai Mutsaka. Published 10:22 AM PDT, April 28, 2023.
Apr 5, 2024 · 5 Apr 2024. Zimbabwe’s central bank has launched a new “structured currency” backed by gold, as it seeks to tackle sky-high inflation and stabilise the country’s...
