Sunday, June 30, 2024

" ABOUT ZIMBABWE'S NEW GOLD-BACKED CURRENCY" BY GOLDILOCKS, 30 JUNE

 GOLDILOCKS

The International Monetary Fund (IMF) announced that Zimbabwe's new gold-backed currency has stabilized the nation's economy. This currency, introduced in April, is supported by 2.5 tons of gold and $100 million in foreign currency reserves.


In a June 27 statement released following an Article IV consultation mission, the institution noted that the official exchange rate of the Zimbabwe Gold (ZiG) has remained stable, ending the economic instability seen in early 2024. During that period, the Zimbabwean dollar lost about 260% of its value against the US dollar.


https://www.ecofinagency.com/public-management/2806-45679-zimbabwes-gold-backed-currency-brings-stability-imf-says

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