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
Bitwise CIO Matt Hougan Bullish on Hyperliquid and HYPE Token
Matt Hougan, Chief Investment Officer at Bitwise, expresses a strong bullish outlook on Hyperliquid and its token HYPE, following the launch of a new ETF.
CME Group to Implement 24/7 Trading for Crypto Futures Starting May 29
CME Group will shift its crypto futures and options trading to a 24/7 schedule starting May 29.
CME Sees 43% Surge in Crypto Futures Volume Amid Institutional Interest
CME reports a 43% increase in crypto futures volume this year, driven by institutional interest and the upcoming launch of Nasdaq CME Crypto Index Futures on June 8.
Project Eleven and Ripple Collaborate to Secure XRP Ledger Against Quantum Threats
Project Eleven has partnered with Ripple to enhance the XRP Ledger's security against quantum computing threats.
Solana's Perpetual Futures Volume Hits All-Time High
Solana's perpetual futures volume has reached an all-time high of about $20 billion, indicating increased trader engagement and speculative activity.
Trump Shifts Crypto Focus from Meme Coins to Bitcoin Investments
US President Donald Trump and his family have made significant investments in Bitcoin-related firms, moving away from meme coins.
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