Zimbabwe has been advancing towards currency stability through the introduction of the ZiG currency, backed by gold reserves and foreign currency. The Reserve Bank of Zimbabwe (RBZ) launched Zimbabwe Gold (ZiG) to counter inflation, with the goal of reducing it from over 55% to 2% annually. While facing challenges like illegal foreign exchange trading and coin shortages, the RBZ is actively addressing these issues by cracking down on illegal FX traders, freezing bank accounts, and improving the availability of smaller denomination coins. To promote the usage of ZiG, cash withdrawals using debit cards will be facilitated at select financial service points, enhancing the currency's accessibility and stability in financial transactions.
Zimbabwe's Advancements towards Currency Stability with ZiG
by Giorgi Kostiuk
2 years ago
0
Other news
Aurora Labs CEO Raises Concerns Over Litecoin Attack
Aurora Labs CEO Alex Shevchenko raises concerns that the recent Denial-of-Service attack on the Litecoin network may have been an inside job, citing the attacker's prior knowledge of a zero-day vulnerability.
Denial-of-Service Attack Disrupts Litecoin Mining Pools
Denial-of-Service attack disrupted major Litecoin mining pools due to a zero-day vulnerability, but the issue has been patched and the network is operational.
Admiral Paparo Highlights Bitcoin's Role in National Security
Admiral Samuel Paparo highlighted Bitcoin's significance as a strategic asset for US cybersecurity during a Senate hearing, but faced criticism from the Bitcoin community regarding the military's grasp of the technology.
Analysts Predict Strong Growth for Nvidia Stock by 2026
Analysts predict Nvidia stock could reach between 250 and 380 by 2026, driven by AI demand.
Nvidia Stock Price Target Consensus Reaches 26880
The consensus price target for Nvidia stock is currently set at 26880, based on the analysis of 47 analysts tracked by TradingView.
Pavel Durov Accuses French Officials of Complicity in Crypto Kidnappings
Pavel Durov accuses French officials of complicity in cryptocurrency-related kidnappings, claiming they sell crypto data to kidnappers and criticizing data security measures.
Be the first to know about crypto news every day
Get crypto analysis, news and updates right to your inbox! Sign up here so you don’t miss a single newsletter