RBZ interbank forex exchange rate, as ZiG inflation hits 1266%/ year

The Reserve Bank of Zimbabwe -RBZ- has released figures on the latest prices for gold coins and digital tokens, as well as how the local currency is trading against the American dollar.

Apparently, RBZ says it is participating in the foreign exchange market to consolidate the local currency Zimbabwe Gold (ZiG) stability.

Meanwhile, according to American economic analyst Professor Steve Hanke’s world inflation dashboard, this week’s top 5 inflators are as follows:

1.Zimbabwe (1266%/yr)
2.South Sudan (327%/yr)
3.Sudan (196%/yr)
4.Nigeria (116%/yr)
5.Myanmar (73%/yr).

Hanke says while the Zimbabwean ruling party recently passed a resolution to make the ZiG the only legal currency in Zimbabwe it will not work.

According to him, the ZiG has depreciated by 67% against the USD since April and only hope is dollarisation.

Zwnews