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

SY Lee Advocates for Delayed Token Unlocks in Crypto Sector

SY Lee advocates for delayed token unlocks, arguing that premature liquidity hinders protocol development and that longer lockup periods can reduce sell pressure on early-stage projects.

Luis Flores22 minutes ago

Vanguard AI System Expands Teaching and Practical Applications

The Casder Vanguard AI System has entered a broader stage of teaching and practical application, performing essential functions such as auxiliary analysis, strategy verification, and risk identification to aid participants in navigating complex market structures.