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Zimbabwe devalues ZiG as latest bid for stable currency founders
By Godfrey Marawanyika and Ray Ndlovu
Bloomberg News
Friday, September 27, 2024
Zimbabwe raised interest rates and devalued its gold-backed currency by 43%, following persistent weakness in the ZiG amid deep skepticism that the nation's latest bid to create a viable local unit would succeed.
The Reserve Bank of Zimbabwe lifted the benchmark policy rate to 35% from 20%, it said in a statement today. Prices on its website separately showed the ZiG, short for Zimbabwe Gold, quoted at 24.4 per dollar from 14 per dollar earlier in the day.
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The central bank’s monetary policy committee did not explicitly confirm if it was devaluing the ZiG. But Governor John Mushayavanhu said it was taking a number of steps to combat inflation, including allowing “greater exchange rate flexibility, in line with the increased demand for foreign currency in the country.” ...
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