Decline in Gold Prices Leads to Weakening of Zimbabwe's ZiG Currency Zimbabwe’s new gold-backed currency, the ZiG, experienced its first decline since its introduction this April, slipping nearly 1% to trade at 13.38 against the dollar on Thursday. This weakening aligns with recent drops in gold prices, which have seen a downturn over the past three days. The ZiG, an acronym for Zimbabwe Gold, is supported by a mix of precious metals, including approximately 2.5 tons of gold, and $100 million in foreign currency reserves maintained by the central bank. The currency debuted at 13.56 per dollar, replacing the significantly devalued Zimbabwean dollar, which had plummeted about 80% against the US dollar since the beginning of the year. During a business conference in Bulawayo, Zimbabwe’s Vice President Constantino Chiwenga emphasized the ZiG’s role in transitioning away from the US dollar, which is used in roughly 80% of transactions. The government plans to phase out the US dollar as legal tender by 2030. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts Cash-Strapped Pakistan to Introduce New Series of Currency Notes READ MORE China's Gold Demand Lags Behind Global Trends in August READ MORE Western Nations Struggle to Dent China's Rare Earth Monopoly READ MORE Gold Poised for Stellar Rise Amid Central Bank Buying and Fed Rate Cuts READ MORE American Wallets Fight Back: How Consumer Resistance is Curbing Inflation READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment