GoldBacked

The Zimbabwe Gold: A New Chapter in Currency History The Reserve Bank of Zimbabwe (RBZ) boasts that its latest currency, the Zimbabwe Gold—a gold-backed currency colloquially known as the “ZiG”—is underpinned by more than 100% in reserves. These reserves include 2.5 tons of gold and approximately $100 million in foreign assets. At first glance, such figures might inspire confidence in a nation long plagued by economic upheaval and inflation. But how genuine is this assurance? Enter the ZiG, Zimbabwe’s sixth…

Lawmakers are pressing Finance Minister Mthuli Ncube to deliver a comprehensive statement addressing the recent plunge in value of Zimbabwe's newly unveiled gold-backed currency. Dubbed the ZiG, or Zimbabwe Gold, this currency made its debut in April. However, it has already suffered a staggering decline of more than 40%. This drop stems from mounting market pressure urging the Reserve Bank of Zimbabwe to establish a more realistic and pragmatic exchange rate. Throughout the last several years, efforts to create a stable…