Zimbabwe's Advancements towards Currency Stability with ZiG

by Giorgi Kostiuk

2 years ago

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.

Rewards

More rewards

Discover enhanced rewards on our social media.

Other news

Coca-Cola Stock Gets Bullish Ratings from Analysts

Coca-Cola has received buy ratings from major analysts including Morgan Stanley and Citi, predicting a significant rise in the stock's value despite recent revenue misses.

Rajesh Kumar27 minutes ago

Regulatory Ambiguity Affects XRP Market Sentiment

Discussions in Washington regarding crypto policy have left traders cautious due to regulatory ambiguity.

Lucas Weissmann28 minutes ago

American Bankers Association Highlights Insolvency Risks in Crypto Sector

The American Bankers Association raises concerns about insolvency risks in the crypto sector, urging the Office of the Comptroller of the Currency to ensure adequate receivership capacities.

Emily Carteran hour ago

American Bankers Association Urges Caution on Crypto Charter Approvals

The American Bankers Association urges caution on crypto charter approvals, calling for a slowdown in the process until regulatory frameworks are established.