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Ronan Manly: Can gold-backed ZiG restore confidence and stability in Zimbabwe?
By Ronan Manly
Bullion Star, Singapore
Tuesday, June 18, 2024
When the words "Zimbabwe" and "currencies" are mentioned in the same sentence, many people will bring to mind the chronic hyperinflation period that Zimbabwe experienced from the early 2000s to 2009, and the infamous 100 trillion Zimbabwean dollar note Zimbabwe's central bank issued in a desperate attempt to cope with that hyperinflation.
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That hyperinflationary period -- which included Zimbabwe's inflation rate peaking at an astronomical 89.7 sextillion percent in November 2008 -- was brought under control only when the country abandoned the then-Zimbabwean dollar in 2009 and moved to a multi-currency system of officially using the U.S. dollar and other foreign currencies, a move that stabilised Zimbabwe's inflation rates at more "normal" levels between the years 2010 and 2018. ...
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