Zimbabwe knocks 40% off value of gold-backed currency
Zimbabwe's central bank has devalued its gold-backed currency by over 40% against the US dollar, indicating that the last ditch effort to stabilise the country's volatile economy, is in trouble. The Reserve Bank of Zimbabwe (RBZ) made the decision to slash the local exchange rate to 24 Zig to $1 (£0.75) on Friday.
Zimbabwe allows currency to slump over 40%, hikes policy rate
Zimbabwe's central bank allowed the local gold-backed currency to fall over 40% against the dollar on Friday and hiked its policy rate, giving in to weeks of sustained pressure on the currency which was only launched in April.
Zimbabwe Said to Devalue Gold-Backed ZiG by 44% Against Dollar
Zimbabwe sold its gold-backed currency to banks at 44% less than the prevailing rate against the dollar Friday, according to four treasury dealers, effectively devaluing the unit.
Zimbabwe said to cut value of gold-backed ZIG by 44%
Zimbabwe has devalued its gold-backed currency, the Zimbabwe Gold (ZiG), selling it to banks at a rate 44% lower than the prevailing dollar exchange rate. ・Zimbabwe devalued its gold-backed currency,
Zimbabwe's ZiG currency falls over 40% on interbank market
Zimbabwe's gold-backed ZiG currency fell more than 40% against the U.S. dollar on the interbank market from Thursday to Friday, the central bank's website showed. The Reserve Bank of Zimbabwe's website gave the mid rate for ZiG as 24.
Zimbabwe’s Gold-Backed ZiG Weakens Past 14 Per Dollar to Record Low
Zimbabwe’s bullion-backed currency has slid past 14 per dollar, its weakest level on the official market since it started trading five months ago.
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