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Zimbabwe Limits USD Outflows for Departing Residents to $2,000

[Oct 11 4:30 AM] 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 are now limited to carrying a maximum of $2,000 in cash when departing…

Zimbabwe Devalues Gold-Backed Currency by 44%

[Sep 28 6:45 PM] 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 addresses rising exchange rate volatility and inflationary pressures that…

Zimbabwe’s Central Bank to Shield Gold-Backed Currency From Market Volatility

[Sep 24 5:25 PM] 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 to maintain a tight monetary policy to…

Experts Question Ghana VP’s Gold-Backed Currency Pledge

[Aug 21 10:30 PM] 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 implementing this policy…

Zimbabwe’s Gold-Backed Currency Sees Gains, but US Dollar Remains Dominant

[Aug 21 5:05 PM] 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 is used for 40% of payments and 80% of…

IMF Calls Zimbabwe’s Gold-Backed Currency an ‘Important Policy Action’

[May 23 11:37 PM] 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 its inception. The global lender…

Zimbabwe’s Central Bank Launches Gold-and Forex-Backed ‘Structured Currency’

[Apr 6 3:18 AM] 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 reserve currency…

Report: Zimbabwe’s Central Bank Says Upcoming Gold-Backed Digital Currency to Help Reduce Demand for US Dollar

[Apr 25, 2023 12:30 AM] The governor of the Zimbabwean central bank, John Mangudya, recently revealed that his institution is planning to introduce a gold-backed digital currency. According to the governor, the soon-to-be-introduced gold-backed digital currency is…

Report: China Suspected of Stockpiling Gold to ‘Cut Greenback Dependence’

[Nov 22, 2022 3:00 PM] 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 gold in Q3 2022. The study highlighted that it was the…