Zimbabwe’s new gold-backed currency, the ZiG, is on a roll Backed by gold and foreign currencies, Zimbabwe’s fledgling currency has steadily risen in its debut week of trading, with an outsize gain on Thursday. After launching on Monday at $13.56 to the U.S. dollar, the Zig or Zimbabwe Gold, and was trading at $13.45 on Thursday, according to the Reserve Bank of Zimbabwe’s website. That marks its best gain so far, with the currency up 0.8% since its launch. National payments platform ZimSwitch listed on its website,21 financial institutions that are now allowing for payment processing to be made in the new currency. In March, the country recorded annual inflation of 55% from over 47% in February, spurred on by the former local dollar that all but collapsed — the Real Time Gross Settlement Dollar (RTGS) that was launched in 2019. Reliance on U.S. dollars also hampered the former currency. “The Bank’s priority policy focus is critical for supporting the economy’s growth prospects through the restoration of stability, convertibility, and transactional convenience of the local currency,” the central bank, led by Gov. John Mushayavanhu said in a statement last Friday. The central bank said that as of April 5, it has more than three times gold and cash reserves — 2.5 tons and $100 million in foreign currency — to cover the new currency, which it promised would be “audited by independent external auditors.” Michael PiccoiniStrategic Planning, Leadership & Analysis Professional with a background in healthcare, manufacturing and retail. I have a strong understanding of the complex world of revenue Management and how to make it more relevant, understandable, and actionable for executive leadership across all levels of an organization. My career has spanned several years at UnitedHealth Group, Inc. I obtained my B. Comm from the University of Windsor and MBA from Wayne State University « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts Scientists reveal Antarctica’s tallest active volcano is blasting out gold that could be worth a fortune READ MORE International Students Going Back To School READ MORE The ‘supercore’ inflation measure shows Fed may have a real problem on its hands READ MORE US weekly jobless claims fall more than expected; continuing claims rise READ MORE Mined commodities may push higher on structural trends: Expert READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment