Zimbabwe Limits USD Outflows for Departing Residents to $2,000
The Reserve Bank of Zimbabwe (RBZ) has imposed a new limit on the amount of U.S. dollars that travelers can carry out of the country. Under the revised regulations, travelers…
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Zimbabwe Devalues Gold-Backed Currency by 44%
The Reserve Bank of Zimbabwe (RBZ) has devalued the Zimbabwe Gold (Zig) by 44%, causing the currency to plummet from 13.98 to 24.3 against the U.S. dollar. This drastic move…
Zimbabwe’s Central Bank to Shield Gold-Backed Currency From Market Volatility
Zimbabwe’s central bank governor, John Mushayavanhu, has stated that the bank might use its foreign currency reserves to protect the Zimbabwe Gold (zig) from severe market disruptions. He also pledged…
Experts Question Ghana VP’s Gold-Backed Currency Pledge
A Ghanaian banking consultant, Richmond Atuahene, has expressed concerns about Vice President Mahamudu Bawumia’s pledge to back the cedi with gold. Atuahene believes Ghana needs a stable economic environment before…
Zimbabwe’s Gold-Backed Currency Sees Gains, but US Dollar Remains Dominant
Zimbabwe’s gold-backed currency, the ZIG, has seen a significant increase in usage since its introduction in April. While the U.S. dollar remains the dominant currency for most citizens, the ZIG…
IMF Calls Zimbabwe’s Gold-Backed Currency an ‘Important Policy Action’
The International Monetary Fund (IMF) has stated that Zimbabwe’s recently introduced gold-backed fiat currency represents a significant policy step. This is the IMF’s first substantial comment on the currency since…
Zimbabwe’s Central Bank Launches Gold-and Forex-Backed ‘Structured Currency’
The Reserve Bank of Zimbabwe has introduced a foreign exchange and gold-backed “structured currency” to replace the struggling local currency. The structured currency banknotes will be “fully convertible into the…
Report: China Suspected of Stockpiling Gold to ‘Cut Greenback Dependence’
During the first week of November, the World Gold Council’s (WGC) report that covered last quarter’s global gold demand noted that central banks worldwide purchased close to 400 tons of…
Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar
Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency.…