Zimbabwe’s Central Bank governor, John Mushayavanhu, has announced a conservative stance regarding the printing of additional ZiG notes, emphasizing the necessity of adequate reserves to support the new currency. Addressing delegates at a meeting, Mushayavanhu reiterated the country’s commitment to avoiding overprinting, which could risk the stability of the currency. He revealed that President’s directive mandates refraining from printing money without sufficient reserves. The recently introduced Zimbabwe Gold (ZiG) currency is backed by foreign currencies, gold, and other assets, marking the nation’s sixth attempt to establish a robust local currency.… Read More Here

Illegal money changers in Zimbabwe have resumed their activities following a brief hiatus, as reported after the country’s introduction of a new gold-backed currency called ZiG in April 2024. According to a report published in the East African newspaper, these currency traders have returned to the streets despite the ongoing process of transitioning to the new Zimbabwe Gold (ZiG) currency. Despite the currency being available only electronically for now, the black market is already active, offering rates slightly higher than the official exchange rate. ZB Financial Holdings reported that on… Read More Here