Zimbabwe’s new gold-backed currency, the Zimbabwe Gold (ZiG), strengthened for a second straight day since launching earlier this week.
This is despite the fact that not all of the country’s banks have fully switched to using the new unit.
The currency rose 0.2% to 13.50 to the dollar on Wednesday, according to Reserve Bank of Zimbabwe data posted on its website.
That brings the new unit’s cumulative gain since it started trading earlier this week to 0.4%.
It’s a marked departure so far from its predecessor, the Zimbabwe dollar, which had lost value every single trading day of this year until its abandonment last Friday.
Bloomberg
Kaizer Chiefs coach Cedric Kaze has urged patience and composure after the club’s poor run… Read More
Kaizer Chiefs have suffered a major setback with two experienced players injured. Both Brandon Petersen… Read More
Premier Soccer League giants Kaizer Chiefs have reportedly set their sights on Nigeria international goalkeeper… Read More
Kaizer Chiefs’ preparations for the Soweto Derby were severely disrupted before kick-off, a reality that… Read More
Kaizer Chiefs registered a second successive victory in the CAF Confederation Cup group stages after… Read More
Across Africa, vehicle buyers and importers are discovering a new way to connect — through … Read More