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
XRP Social Media Sentiment Surges to Five-Week High
Data shows that the social media sentiment toward XRP has surged to a five-week high, while Bitcoin and Ethereum remain dull.
House Democrats Call for Investigation into World Liberty Financial
A coalition of over 40 House Democrats is urging the Treasury Department to investigate World Liberty Financial due to potential conflicts of interest and national security risks.
Analysts Maintain Positive Outlook on Nvidia Stock After Deal Restructuring
Analysts maintain a positive outlook on Nvidia's stock despite the restructuring of the Nvidia OpenAI deal, with a high average price target and strong investor confidence.
Nvidia Restructures OpenAI Deal to $30 Billion Equity Stake
Nvidia has restructured its deal with OpenAI, reducing its commitment from $100 billion to a $30 billion equity stake.
Goldman Sachs Expands Crypto Exposure Beyond Bitcoin
Goldman Sachs has diversified its cryptocurrency holdings, now including Ethereum, XRP, and Solana, while CEO David Solomon shares his personal Bitcoin investment.
Crypto Market Faces Significant Outflows Amid Bearish Sentiment
The cryptocurrency market is currently facing a bear market, characterized by significant outflows from crypto funds.
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