ZiG loses power for the first time, selling at 1: 20 at black market

The recently launched new currency in the country, Zimbabwe Gold (ZiG) lost its power for the first time, it has been established.

According to information filtering through, the new currency is selling at US$1 to ZiG20 on the parallel market.

Prominent journalist Blessed Mhlanga confirmed receiving similar Information to the effect that ZiG has indeed lost its power.

“These street guys have no respect for money. The ZiG is already at 1:18 before a week is over. Haaaa guys let’s have confidence in our money. Haaaa no guys,” he posted on his X handle.

Responding to his post, ShepherdK @shepiek said:

“If actual notes were available it would have quickly moved to 1:20 for ease of transaction. Then it starts making leaps in 5.”

Another netizen, LEO we UNITED @LEEMAN_UTD said:

“In Mutare its actually 20 ZIG =1 usd.”

However, the government recently reported that ZiG gained 0.4 percent against the dollar since its launch this week.

This was 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, and 0.2% on Thursday 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%.

Zwnews