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Zimbabwe’s Gold-Backed ZiG Weakens Further After Devaluation
Zimbabwe’s gold-backed currency, which was devalued by 43% by the central bank on Sept. 27, remained under pressure on Monday.
Zimbabwe Already Devaluing New Gold-Backed Currency
In April, Zimbabwe introduced a gold-backed currency in an effort to stabilize the country’s financial system. Less than six months later, the Reserve Bank of Zimbabwe has already devalued the new money.
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.
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 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 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’s Gold-Backed ZiG Weakens Past 14 Per Dollar to Record Low
Zimbabwe’s bullion-backed currency has slid past 14 per dollar, its weakest level on the official market since it started trading five months ago.
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Caledonia Mining: Bilboes has the credentials to be Zimbabwe’s biggest gold mine
Bilboes Holdings was established in the 1980s by Amzim as its operating vehicle for the Bilboes project. Its parent, Bilboes ...
Al Jazeera English
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How secondhand clothes took Zimbabwe by storm – and hammered retail
The country’s clothes manufacturers are taking a beating from imported ‘preloved’ clothes and a struggling economy.
Bulawayo 24
13h
Zimbabwe's month-on-month inflation surges to 5.8% in September
Zimbabwe's month-on-month inflation rate accelerated to 5.8% in September, a sharp rise from 1.4% in August, according to the ...
Greek Reporter
9h
Global Rush Is on for Lithium, the White Gold
The world is in a rush to find and develop reserves of lithium, dubbed the "white gold" for being a key component in ...
6d
on MSN
Zimbabwe's retailers warn of store closures over exchange rate
Top Zimbabwean retailers have warned of potential store closures if the government insists on the use of an official exchange ...
radiojamaicanewsonline
3d
Zimbabwe central bank devalues gold-backed currency by over 40% against US dollar
Zimbabwe's central bank has devalued its gold-backed currency by over 40 per cent against the US dollar, indicating that the ...
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