Zimbabwe Devalues Gold-Backed Currency by 44%
Zimbabwe Devalues Gold-Backed Currency by 44%

Zimbabwe Devalues Gold-Backed Currency by 44%

News summary

Zimbabwe's Reserve Bank has devalued the gold-backed currency, Zimbabwe Gold (ZiG), by 43-44% against the US dollar, adjusting the official exchange rate to around 24.3-25 ZiG per dollar. This move comes amid ongoing skepticism about the viability of the currency, which has recently hit its lowest value on the official market since its introduction five months ago. The ZiG has been on a downward trend for 23 consecutive trading days, with parallel market rates reportedly reaching 28 ZiG per dollar, significantly higher than the official rate. The central bank aims to combat inflation and allow greater exchange rate flexibility, as stated by Governor John Mushayavanhu. The devaluation reflects persistent economic challenges facing Zimbabwe, leading to continued volatility in its currency markets.

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Bias Distribution
67% Center
Information Sources
71639883-fbbd-48af-8cc3-393f63e7b2ef4153ee28-0536-4352-9660-b1bf5d1b20aba3544a73-dab3-486d-ae75-bd4d15f01f55
Left 33%
Center 67%
Coverage Details
Total News Sources
3
Left
1
Center
2
Right
0
Unrated
0
Last Updated
52 days ago
Bias Distribution
67% Center
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