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ZiG Hits Weakest Level Yet, Trading At 14 Per US Dollar

6 months agoFri, 27 Sep 2024 09:02:42 GMT
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ZiG Hits Weakest Level Yet, Trading At 14 Per US Dollar

Zimbabwe’s new gold-backed currency, the ZiG, is trading at 14 per United States dollar, marking its weakest level on the official market since it began trading five months ago.

The ZiG is currently experiencing its longest losing streak against the dollar, having declined for 23 consecutive trading days.

On September 27, data from the Reserve Bank of Zimbabwe (RBZ) indicated that the ZiG was trading at 14.01 to the US dollar.

In contrast, the parallel market quotes the currency at 28, which is double the official rate, according to ZimPriceCheck.Com, a website that tracks both rates.

The widening gap between the official and parallel market rates is impacting formal businesses, according to the Confederation of Zimbabwe Industries, the nation’s largest manufacturing group.

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In response to questions sent by Bloomberg, Sekai Kuvarika, the association’s chief executive officer, said:

The central bank has suppressed the exchange rate for too long, resulting in a wide parallel-market premium.

This has also worsened the situation, which could have been improved by accepting that the parallel market also needs to be reined in.

On April 5, the ZiG was introduced to replace the Zimbabwean dollar, which had depreciated over 80% against the US dollar in 2024 and consistently lost value throughout the year until it was phased out.

The gold-backed currency represents the nation’s sixth attempt to establish a stable local currency since 2009.

Kuvarika also said that committing to a market-determined exchange rate and allowing the ZiG to depreciate in response to market sentiments could help stabilise the currency.

She added that the Treasury could increase demand for the local unit by expanding the range of taxes payable in the currency, including pay-as-you-earn and value-added tax.

Currently, the ZiG is used in 40% of transactions, up from 15% at its inception, while US dollars continue to be used for a majority of transactions.

More: Pindula News

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26 Comments

Anonymous · 6 months ago
Now at USD 1=24zig Zanupf bvumai kuti zvaramba economy ne election zvakasiyana kure nakure..
shurushuru · 6 months ago
definition of ****ity: continuously repeating the same thing and expecting a different result. vene it's time to go
Sir African · 6 months ago
A finance minister who was once fugitive. A Commissioner who made shady deals A corrupt Rbz government busy buying prportie in RSA. A foreign minister wasfound wanting in the Sandura Commision. A currency backed with brass istead of gold. Its not the problem of the currency but the thick skull behind it.Mr Mtisi was right when he said the policy makers hate the Zig since they aretheowners of businesses around Zimbabwe. 9 One can come not just come from the bush and think they can run the country.
bigboy · 6 months ago
Zvemari chisiyai vaMushayavanhu Mangudya nanaMthuli makonewa kani dzingori nharo chete asi chinobuda hapana zvachose only kana muchida kuRunner economy bvunzai Tendai Biti akubatsirei not kuswerotaura zvinhu zvamuri kuona mega kut zvaramba muri imi makazvitanga.Kusvika mati ekee hamufi makasimudza Zimbabwe, ndipo paye patinoti ipaiwo vamwe mukana nechitanda mukamhanya mega munokurumidza kuneta sezvamuri kuita izvi
Tommaso · 6 months ago
Well put, they should hand over the baton to others. Since 1980 hr vakomana aaah zvimwe zvacho hazvide, apa they are clueless at running a country futi
🏃 Chi baby Che Zanu 🌊 · 6 months ago
mushayazano is wasting his energy on this zig backed rubbish we're fast approaching 2008 era under his watch anything that has got to do with Zanu pf is a failure and a waste
1:24 · 6 months ago
RBZ OFFICIAL RATE AS OF TODAY 1:24
Rhodesian at heart · 6 months ago
The Rhodesian dollar was stronger than the Sterling Pound and the communists criminals decimated its value
👽 Neo · 6 months ago
Zimbabwe's currency lies in tatters, ravaged by corruption and greed. 14:1 against the USD - a stark reminder of a nation's dignity lost. The people suffer, their future uncertain. As Neo, I see the puppeteers manipulating the strings, exploiting the vulnerable. Neo-out🛸
ndururani · 6 months ago
nhai governor we reserve bank, munomboziva here imi vaJohn Mushayahunhu kt kwaimbova nevamwe vauti bond is the strongest currency in Africa vakazopedzusira vavakunyara nemashoko avo, iwe ndiwe uchazonyara zvake mangwana, siyanai nezvemari izvo tozozviona kana ini mandiita President wenyu, ndikasatonga ini muno hamuite Mari inesimba zvachose garai muchizviziva izvozvo
Anonymous · 6 months ago
President Ndururani please make me your Minister of Sports. The Warriors are no longer Warrior like!!! They have become a headache to watch. Am off toplc but just trying my luck. You never know.... Kkkkkk
ndururani · 6 months ago
ok, 👌 kkkkkkkkkkkkk
Pasi Pamera Ziso · 6 months ago
USD swipe only policy for ZiG to maintain stable exchange rate. Let the ZiG be unleashed and put USD on a leash of bank cards and mobile money wallets. Come on Dr ED this will work out well considering the plight of the civil servants who are the biggest losers under the current scenario, ban the trading of physical USD notes and robustly promote the SWIPE ONLY policy for the USD. This will solve a myriad of Zimbabwe's economic challenges. I wish I could invite you, @CdeED, for a cup of tea!!!!
nonsense · 6 months ago
who in their right mind would deposit real usd cash into electronic form? this electronic usd can be taken from you in an instant and replaced with electronic zig at 14:1 if these authorities change their minds again !!! nonsense !!!
Rudo💅 · 6 months ago
Bepa rakagadzira zig ndere muti upi chaizvoizvo?
embrace embrace · 6 months ago
i wanted to embrace zig, but it smells like sh!t. I cant embrace sh!t
Black-Scorpion · 6 months ago
vamwee baba vaiti 2026 tenge tavakushandisa Zig chete marii yenyika inendarama,, manjee vakutii manjee Zig achishaya Simba asati asvika kuvanhu
jivaschihwehwete@gmail.com · 6 months ago
Takanyeperwa.
🦁 · 6 months ago
@mateo..u don't know much,Don't b quick to judge
Madzibaba Mateo · 6 months ago
@Shumba wasn't judging as such but wakambobatawo 50Zig note here from it's inception and kana wakaibata wakatengeyi nayo chaora chinhu ichi
🦁 · 6 months ago
handisati ndatombobata zig since it's inception
Madzibaba Mateo · 6 months ago
I don't know much about economics but I think Mushayazano if the worst RBZ governor
Tambaoga · 6 months ago
haaa Madzibaba you know economics very very much.Mushayazano haana zano
. · 6 months ago
akabatiswa marasha anopisa murume uyu neuyo akazoiswa kuMutapa investments. Zvinonzwisa tsitsi.

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