Zimbabwe had recently launched a new currency named ZIG which was backed by gold. The gold-backed ZIG local currency was launched in April this year to reduce the circulation of the US dollar in Zimbabwe. The government took a risk and floated the currency across all sectors for transactions in the country. Also Read: Russia’s…
A Zimbabwean professor has highlighted the BRICS New Development Bank (NDB) as a crucial alternative to the International Monetary Fund (IMF), offering better financial terms to developing nations. He emphasized the NDB’s role in helping countries like Zimbabwe escape debt cycles and discussed the introduction of Zimbabwe Gold (ZiG), a currency backed by mineral wealth,…
Inspired by the BRICS de-dollarization agenda, Zimbabwe launched a new gold-backed currency, the ZIG, early this year to take on the US dollar. The gold-backed currency was launched in April 2024 to reduce the circulation of the US dollar in the country. Surprisingly, ZIG is gaining steam across Zimbabwe and 40% of payments are being…