Sun. Jun 23rd, 2024

Zimbabwe central bank faces new difficulties with the new currency. 

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The new currency, an extension of the government’s gold-backed token, has recently faced some difficulties locally while performing well on the foreign exchange.

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Zimbabwe Gold (ZiG), the new currency that evolved from a gold-backed token. The reserve bank of Zimbabwe has announced new steps to combat the black market for the currency and improve its usability.

The Reserve Bank of Zimbabwe has appealed directly to the public via its X account, encouraging people to report unathorized foreign exchange dealers, businesses, or individuals who refuse to accept the new currency. 

According to Bloomberg, the ZiG has gained 1.9% against the United States dollar since its introduction in physical form. ZiG is backed by gold and foreign currency after launching as a digital currency tied to the price of gold.

What You Should Know: The Zimbabwe Gold currency is backed by gold and is facing challenges of public approval and has also performed well in the foreign exchange market. 

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