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This was despite the fact that the price of gold rose 24% since the so-called "gold-backed" ZiG was issued in April 2024, [29] and the Reserve Bank of Zimbabwe's assertion that over US$400 million has been spent on supporting the ZiG over that same period. [30]
The once-prosperous southern African nation of 15 million people in April introduced a new gold-backed currency called ZiG, short for Zimbabwe Gold, to replace one that had been battered by ...
The government had previously floated various ideas to replace the Zimbabwe dollar, including introducing gold coins to stem inflation and even trying out a digital currency.
Hyperinflation in Zimbabwe is an ongoing period of currency instability in Zimbabwe which, using Cagan's definition of hyperinflation, began in February 2007. During the height of inflation from 2008 to 2009, it was difficult to measure Zimbabwe's hyperinflation because the government of Zimbabwe stopped filing official inflation statistics.
Gold-backed digital token, abbreviated as GBDT is an investment instrument used in Zimbabwe. It was formerly known as ZiG, but its name was taken by a newly created gold backed currency, the Zimbabwean ZiG, thus renaming this investment instrument to GBDT. [1] [2] The digital coins are not loanable. [3]
On 5 April 2024, the Reserve Bank of Zimbabwe announced a new currency to be introduced on 8 April 2024, called the Zimbabwe Gold (ZiG), replacing the Zimbabwean dollar. ZiG is to be backed by a basket of reserves comprising foreign currency and precious metals (mainly gold). Zimbabweans were given 21 days to convert their cash into ZiG.
In April, the mortgage giant said home prices will increase only 0.5% in 2024 and 2025, down sharply from its forecast in March, when it predicted prices would rise 2.5% in 2024 and 2.1% 2025.
The Reserve Bank of Zimbabwe announced plans for new Z$5,000 and Z$10,000 coins in June 2005, [65] although these were never actually struck. In its 2014 mid-term monetary policy statement, the Reserve Bank of Zimbabwe (RBZ) said it would import special coins, known as Zimbabwean bond coins, to ease a shortage of change in the economy. Like the ...