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Published 18 days ago

Zimbabwe's new gold-backed currency sliding on black market

Summary by VOA News

Harare, Zimbabwe — Zimbabwe’s recently introduced gold-backed currency is sliding on the local black market but officials insist the currency is getting stronger and has a bright future. Columbus Mavhunga reports from Harare. Even songs are played on the radio encouraging citizens to embrace the currency, called Zimbabwe Gold — or ZiG — introduced on April 5 trading at 13.56 to the U.S. dollar. Official statistics say ZiG is now trading at 13.41…

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The Epoch Times

Chaos and Confusion as Zimbabwe Launches First Gold-Backed Currency

JOHANNESBURG—On the streets of Harare, people are calling it “fool’s gold,” referring to Zimbabwe’s ZiG (Zimbabwe Gold) currency, officially launched on 8 April as the latest attempt by the ZANU-PF government to rescue its failed economy. “Zimbabwe is a mafia state characterized by rampant inflation. It is effectively a laundromat for illicit gold smuggling, so it seems appropriate that its gangster government has adopted a version of the gold s…

18 days ago·New York, United States

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Zimbabwe's new gold-backed currency sliding on black market

Harare, Zimbabwe — Zimbabwe’s recently introduced gold-backed currency is sliding on the local black market but officials insist the currency is getting stronger and has a bright future. Columbus Mavhunga reports from Harare. Even songs are played on the radio encouraging citizens to embrace the currency, called Zimbabwe Gold — or ZiG — introduced on April 5 trading at 13.56 to the U.S. dollar. Official statistics say ZiG is now trading at 13.41…

18 days ago·United States

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