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RBZ Devalues ZiG To 24.3 From 14.1 Per 1 USD

6 months agoFri, 27 Sep 2024 11:37:49 GMT
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RBZ Devalues ZiG To 24.3 From 14.1 Per 1 USD

The Reserve Bank of Zimbabwe (RBZ), on Friday, September 27, devalued the gold-backed currency, the Zimbabwe Gold (ZiG), by 44% against the US dollar, bringing the exchange rate to 24.3 ZiG per US dollar.

Despite this devaluation, the local currency is trading at a higher rate in the parallel market, which is currently at least 28 ZiG to the dollar, according to market observers.

The new official exchange rate represents a significant increase from the previous rate of 14.1 ZiG per dollar, announced earlier that same day.

This devaluation is expected to impact Zimbabwe’s financial sector and could have broad implications for businesses and consumers.

For the average consumer, this change may lead to higher prices for goods and services priced in ZiG.

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Civil servants, who receive part of their salaries in ZiG, may be particularly affected, as their purchasing power has been significantly diminished.

More: Pindula News

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78 Comments

Mr Epic · 5 months ago
Zigy league
Anonymous · 6 months ago
All attempts by ZanuPF to create a domestic currency in Zimbabwe will fail. The ruling party has no credibility.
theLastAntKing · 6 months ago
abatwana eZimbabwe ayagula, every night having sleepless night thinking about the next day. What causes sleepless nights: Economics dzenharo. Will they sleep onenight: only when being led by those who apply economics of the book when?: they just have to prevent next generation of fake cdes near the throne
Error · 6 months ago
bush economics can not be calculated from the office because they don't have a formula
cde · 6 months ago
ngavabve pazvigaro vape nero munoona ma$ mashanu e america anotenga 1 zig racho irero cheromukadii hamugari panopisa
Pasi Pamera Ziso · 6 months ago
The morale in the country is at its lowest since the time of the late RG. People failed to sing in church today, imagine....
Anonymous · 6 months ago
Kuponda vanhu ndiko kwegundamusara kwete economy..
Anonymous · 6 months ago
Pakanyangara
ZiD is coming December 2024 · 6 months ago
is it true that end of 2024 they will launch a cow dung backed currency? what will this new smelly currency be called, i wonder ? ZiD sounds good ....
Gunvosta · 6 months ago
🤣🤣🤣🤣🤣🤣🤣 vodoo economics dzatinoitirwa nanatsaga ava
Rhodesian at heart · 6 months ago
Gift Mugano has Rhodesian foresight and he foresaw this nönsënsē by applying a Those [prism to every thing this November never forget UDI 11Nobe, November 1965
Chibaba · 6 months ago
Ngaapinde zvake mukomana Nero.
Anonymous · 6 months ago
Mugano anotoura sense but the tone of his messages are full of vitriol, full of oppositional sympathy and as opposed to being neutral economist. Hatidi vanhu vanozoda kuita senge vanoziva chaizvo kana zviro zvaipa yet wanga waka nyarara paitwa formulate ma policies acho.
Patz · 6 months ago
Handiti akadzingwa here muCommittee yezvekuronga zvemari nekuti aitaura zvinemusoro
Political Police · 6 months ago
Mushayazano special
Anonymous · 6 months ago
Chamisa chete chete
Mbavha idzi · 6 months ago
We go nowhere from nowhere we're are nowhere dear zimbabwean, leaders have poisoned every thing, oxygen we breathe and urine we pass out. We're all killed end of road mbavha pazvose
Chibaba · 6 months ago
I told you that Zig is useless just remove it and then leave the US only 💵💵💵💵💵💵💵 then make small coins 🪙🪙🪙🪙 as change.
Tommaso · 6 months ago
Havade because they won't be able to print money anymore to fund their extracurricular shenanigans which won't be covered by the budget. That is the same reason why they also refused to join the rand monetary union
Bray Wyatt · 6 months ago
Ndotoseka hangu semunhu asingaziwe kuty ZIG racho rakamboita sei 😆😆😆😆
Bray Wyatt · 6 months ago
ZIG romhanyisa parallel market manga majaira zvinhu zvakachipa 😁😁😁😂😂😂😂 warakashei kusvika vatengesi wese watiza nyika into kkkkkk
Jacob zuma · 6 months ago
Vanhu vanorwadzisa havo ava mmmmm
Patz · 6 months ago
Saka vaya vanoimba kuti ZiG ZiG pa ZTV vachirikuenderera mberi here
laugh emoji3
Tommaso · 6 months ago
🤣🤣🤣 Haa hameno kuti vachaita sei now 😂😂😅😅
Patz · 6 months ago
Takagara tazviona kuti ZiG kutungana kwembudzi.
Six Feet Under · 6 months ago
Matofanira kuchera guva raZiG hr because soon soon tirikuuya kuzomuviga
Undertaker · 6 months ago
Don't worry, takutopedza naro. Riri beside raMukoma wake Bond
ZIGILLIONAIRES · 6 months ago
THE FREEFALL BEGINS!!!!!!
1
@@@ · 6 months ago
The beginning of the end ,let's wait and see the next move of these liars.Zvatotanga
Babalao · 6 months ago
Ko Gold radonha value here?
Patz · 6 months ago
Zvadhakwa
Godknows · 6 months ago
Ummm this is not good ma civil servants amanakaaa how are they going to manage it 🙄🙄🙄🙄
Ini Zvangu · 6 months ago
In democratic countries, the depreciation of the national currency by this magnitude is, without fail, followed by the resignation of the Reserve Bank Governor, Minister of Finance and his Permanent Secretary and obviously the Head of State. Unfortunately this does not happen in this teapot shaped country where failure is perceived as Regime change. But one day is one day - Musi mumwe gava richadambura musungo...
Anonymous · 6 months ago
They will get a bonus and new car for services rendered.
Anonymous · 6 months ago
You are sadly correct.
Juju · 6 months ago
Backed by gold, when did gold devalue kkkkk
The Droid tabloid · 6 months ago
Inconsistency is a problem, In a natural sense their currency marketing skill is lagging hence they are not showing resilience in fighting devaluation, They could have forgotten about ZiG loss and concentrate on a longer than Fife month investment and promotion, Gono was good even if he fumbled he's had a good theorem to harness the valuation of bearers, I remember one time older Zim coin were given a value and people jostled search, for the coins one occasion someone somewhere bought house others bought zvima Nissan box Ini I almost made it to a 12kv generator had it not been for ma scrambled $1000 dollar notes, You see it's the promotion of that kind that instil confidence kuvanhu Kwete this Stingy man foundation of the two Johns there's virtually nothingfirm if people are not allure to like ZiG
Anonymous · 6 months ago
Can someone simplify this
Anonymous · 6 months ago
you borrow 13 million zig and change it to 1 million usd and now you can pay pack the zig at a rate of 24
Tk✨ · 6 months ago
You know
Anonymous · 6 months ago
spare a though for someone who is getting paid today and in ZIG , she or he has to change the money to usd to pay rent and fees for the kids , imagine the pain and hurt while those who make this decisions drive fancy cars and have pocket full of usd ?
ma1 · 6 months ago
😥
heartman · 6 months ago
mukuru ozvipazhira right now. vene my foot
ndungezh · 6 months ago
cmred vaifamba vachiti backed by gold vasinganzwisisi economics kkkkkk apa varipi vp
50 on monday · 6 months ago
dont worry , by the end of day today it will be trading at 48:1 on parallel market
1
flying Doc ( 3Ds) · 6 months ago
where is that Chibby che zanu ? B4 I say one or 2 words .... Zig will not last the economical distance .. That is a cheap political gimmick... This nation is at its knees ... Naming these useless bondpapers
Prayer Warrior · 6 months ago
I am failing to understand this..but i am hopeful that my patriotic brother chibabay che zanu will come and explain kuti takanangepi senyika
shurushuru · 6 months ago
they are now at sixes and sevens. crumbling like a deck of cards. 2028 kure uko ndopavanovukura kuti 2030, musajairire vanhu nhani
Anonymous · 6 months ago
sixes and seven millions 😁 in usd not zig
Anonymous · 6 months ago
THE CURRENCY THAT WAS BACKED BY GOLD BUT CANNOT EVEN BUY FUEL IS NOW CRUMBLING , THIS IS THE 4TH TIME THE CURRENCY CRASHES AND US THE ZIMBABWEANS SIT AND WATCH WHILE PEOPLE LOOT AND PLUNDER OUR RESOURCES AND AFTER THAT WE KISS THIER REAR ENDS AND SAY THANK YOU !! ,, its such a shame that Zimbabweans are cowards we are a failure as people for letting these things happen to us ! THE WORLD LAUGHS AT US , our neighbours hate us ,,, it hurts it really does and you all are such fools u cannot see it !!! you put yourselves first before this great nation !!
Anonymous · 6 months ago
You miss very important lessons. We have North Koreans who are in the worst of our circumstances. Then you have other countries ruled by similarly despotic regimes. Do you genuinely believe North Koreans and all other similar citizens are naive and cowards? Dig deeper into the intricate details of political power, it's abuse and sustenance. Without adequate isolation, these nations without meaningful institutions for governance will destroy their citizens with impunity.
bigboy · 6 months ago
I sighed,totally exhausted by this thing called goldbacked currency zig.ZIG=zimbabwe imbavha dzeGold kkk kusvika mati ekkee takonewa tokuudzai musangowawata muchiti tiri kutonga hezvo mava kuzvibika nemafuta enyu isu ziii takatarisa zvedu
Anonymous · 6 months ago
saka chii chiri nani pakati pembavha nembwende ?unovatarisa vachizviita futi wogara wonyora papindula ?
Tommaso · 6 months ago
Iwe Anonymous these guys abuse every state apparatus they can get their grubby hands on, and you want an ordinary citizen to do something against such people. Maybe in a functioning democracy citizens will be able to say something not in this country where army generals unashamedly tell people to vote for a particular party regardless of if they want that particular party or not
Anonymous · 6 months ago
remember in rhodesia those same army generals where ordinary people and they took up arms and fought ! now the cowards and looters reign supreme - we just cry and watch and cry and watch how many times have we cried since 2000 blaming army and zanu and sanctions and who else ,, it is us ordinary zimbabweans to blame
Tommaso · 6 months ago
Saka coin rinenge richine purpose hr😅😅, because we know kuti market haitedzeri official inowedzerera tuExtra twayo. Haa zvenyika ino zvakaoma maFunnies chaiwo atinoitirwa nevanhu VeZanu, kana makundikana ipai vamwe kwete kurambirapo kunge makanamirwa neglue pachigaro
Anonymous · 6 months ago
vamwe havangazvirwire ndosaka zvisingachinje vanogara vachiona nekutonyora sewe? unongova munhu wekutaura wochema mwana wapedza misodzi yako hapana chinochinja?
Tommaso · 6 months ago
Uri kutiiko iwe, that wasn't articulated well at all
Godknows · 6 months ago
Haaaa pakashata dayi Mwari wanaysirawo economy yenyika yeduu vanhu weee🙄🙄🙄🙄🙄
Black-Scorpion · 6 months ago
Ed huchii
👀👀 · 6 months ago
Mugano akazvitaura izvi ,risati rambobuda
💕💕 · 6 months ago
Zvino zvazvadai maZig achoo muchamadiii iwo angaasatii asvika kuvanhu..... morasa here like mazillion ekwaGono... !!!
hdf · 6 months ago
how come a currency that is backed by gold devalues when gold prices are skyrocketing across the globe if it was a proper currency it would be trading at 12 or 11 against 1USD
Peter Bvirakare · 6 months ago
The economy can not be.rigged lies and lies do not achieve economic growth. ZiG being backed by GOLD loosing value ??????? something is very wrong somewhere
netsai · 6 months ago
true chitarisa muone gold riri stable currency ichidonha kudaro
justice McMillan · 6 months ago
govt pension achipiwa 200 ZIG pamwedzi devided by 24 . Tiri kuendepi
hdf · 6 months ago
mbavha dzevanhu
ClD Admire kuyeri · 6 months ago
siya kugadzira Mari Zimbabwe wewe Ed must go now.
Anonymous · 6 months ago
talk is cheap !

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