ZiG gains 0.4% against dollar since launch this week

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