JOURNAL ARTICLE

Zimbabweans Use Gold-Backed ZiG to Pay for 40% of Transactions.

  • Published In: Bloomberg.com, 2024. P. N.PAG 1 of 3

  • Database: Business Source Ultimate 2 of 3

  • Authored By: Marawanyika, Godfrey 3 of 3

Abstract

Zimbabweans are increasingly using the country's gold-backed currency, known as ZiG, for payments, with 40% of transactions now being conducted in ZiG compared to 20% when it was first introduced in April. The currency is currently only available in electronic form and is primarily used by the government for 80% of its trade. The ZiG is Zimbabwe's sixth attempt at establishing a functioning currency in the past 15 years and is backed by foreign currency reserves and gold. The government has approved a plan to phase out the use of US dollars in favor of the ZiG, with President Emmerson Mnangagwa suggesting it could become the sole currency as early as 2026. [Extracted from the article]

Additional Information

  • Source:Bloomberg.com. 2024/08, pN.PAG
  • Document Type:Article
  • Subject Area:Law
  • Publication Date:2024
  • Accession Number:179169717
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