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
Trump Addresses Banking Industry and Crypto Regulations
Trump criticized the banking industry and called for a resolution regarding stablecoin rewards during his speech at the TRUMP coin conference.
QDay Prize Awarded Amid Controversy
The QDay Prize was awarded to Giancarlo Lelli for breaking a 15-bit elliptic curve key on publicly accessible quantum hardware, but faced criticism from Craig Gidney regarding its validity.
JPMorgan and Goldman Sachs Shift Stance on Bitcoin
JPMorgan and Goldman Sachs, once critical of Bitcoin, are now offering cryptocurrency trading services and holding significant Bitcoin assets.
Peter Schiff Calls STRC a Ponzi Scheme
Peter Schiff criticizes STRC, calling it a Ponzi scheme and questioning its financial model's sustainability.
Michael Saylor Suggests Potential New Bitcoin Purchase.
Michael Saylor hints at a new Bitcoin acquisition, reinforcing Strategy's commitment to steady accumulation.
Saturn Boosts Investment in STRC Amid Concerns
Saturn has increased its investment in STRC by $18 million, raising its total investment to $33 million, amid concerns about STRC's Bitcoin acquisition strategy.
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