Zimbabwe’s new currency, the ZiG, strengthened a day after its debut and is currently trading stronger than the rand against the US dollar. Image: Wikimedia CommonsZimbabwe’s new currency, the ZiG, strengthened a day after its debut and is currently trading stronger than the rand against the US dollar. Image: Wikimedia CommonsThe currency gained 0.2% to 13.
Last Friday it was officially trading at around 30 000 against its more coveted US counterpart – and at 40 000 on the black market, according to tracker Zim Price Check. Its poor performance contributed to the southern African country’s high inflation rate, which after climbing well into the triple digits last year, was at 55 percent in March according to official data.
This has piled pressure on its 16 million people who are already contending with widespread poverty, high unemployment and a severe drought induced by the El Nino weather pattern.last month, South Africa’s Water and Sanitation Minister signed a memorandum with his Zimbabwe counterpart for the transfer of treated water.
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ZiG begins trading as Zimbabwe banks struggle with the switchBanks, retailers, telecommunications companies and other firms spent the weekend reconfiguring their systems to adopt ZiG ahead of business resuming Monday.
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