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Zimbabwe's gold-backed currency surges amid market skepticism

Section: Daily Dispatches

From Xinhua, Beijing
Sunday, April 14, 2024

HARARE, Zimbabwe -- Zimbabwe's newly launched gold-backed currency, known as the Zimbabwe Gold (ZiG), has hit the ground running, gaining 1.1% against the U.S. dollar in its first week of trading.

The surge aligns with the robust rise in gold prices, driven by investor demand for safe-haven assets amidst escalating tensions in the Middle East.

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The ZiG replaced the inflation-battered old Zimbabwean dollar and started trading on Monday, following its launch by Reserve Bank of Zimbabwe Governor John Mushayavanhu on April 5.

Zimbabwe's sixth currency solution, ZiG, debuted at 13.56 per U.S. dollar on Monday and sustained its upward trend, closing at 13.41 per U.S. dollar by the end of Friday's trading.

Despite initial market confusion surrounding the new currency, most banks, traders, and businesses successfully converted their old Zimbabwe dollar balances to ZiG. This sets the stage for ZiG to circulate alongside other foreign currencies under Zimbabwe's multi-currency regime, which will remain in place until 2030. ...

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