Image- InfoZimZw: John Mushayavanhu RBZ governor
The Reserve Bank of Zimbabwe (RBZ) has published the interbank Foreign Currency Exchange Rate, Gold Coin and Gold-backed Digital Token Prices as at 27 December 2024.
Below is the RBZ statistics on how the Zimbabwe Gold (ZiG) is trading:
Meanwhile, according to renowned American economic analyst Professor Steve Hanke Zimbabwe’s currency is leading the pack in terms of losing its purchasing power.
In his recent review, published on 17 December 2024, Zimbabwe was among the top 5 inflators, taking the prime position:- 1.🇿🇼 Zimbabwe (948%/yr)
2.🇸🇸 South Sudan (420%/yr)
3.🇸🇩 Sudan (144%/yr)
4.🇲🇲 Myanmar (70%/yr)
5.🇻🇪 Venezuela (60%/yr).
The ZiG has not been performing well against major convertible currencies particularly the US dollar.
Zimbabwe’s central bank allowed the local gold-backed currency to fall over 40% in late September, to 24.3902 to the U.S. dollar. The currency has since fallen further.
Hanke is on record calling on the President Emmerson Dambudzo Mnangagwa administration to fully dollarise.
Zwnews
