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ZIMBABWE’S ZIG CURRENCY STRENGTHENS DAY AFTER DEBUT EVEN AS IT ROILS COMMERCE

 * Banks, utility providers still working to switch to new unit
 * IMF says needs time to study impact of nation’s new currency

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Zimbabwe Announces New Currency Called the ZiG
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Zimbabwe Announces New Currency Called the ZiG
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By Ray Ndlovu and Godfrey Marawanyika
April 9, 2024 at 8:58 AM GMT+2
Updated on
April 9, 2024 at 2:14 PM GMT+2
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Zimbabwe’s new gold-backed currency the ZiG strengthened a day after its debut,
even as it roiled commerce nationwide as banks, retailers and utilities battled
to switch to the new unit.

It gained 0.2% to 13.53 per US dollar, according to data published on the
Reserve Bank of Zimbabwe’s website on Tuesday. It began trading Monday at 13.56
per dollar, using an exchange rate announced by Governor John Mushayavanhu
during last Friday’s unveiling of the nation’s latest effort to create a
functioning local currency.

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