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Zimbabwe's New Zig Currency Strengthens On Second Day of Trading

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Zimbabwe's new gold-backed currency the ZiG strengthened a day after its debut, even as it roiled commerce nationwide as banks, retailers and utilities battled to switch to the new unit.

Zimbabwe's new gold-backed currency the ZiG strengthened a day after its debut, even as it roiled commerce nationwide as banks, retailers and utilities battled to switch to the new unit.

The ZiG, short for Zimbabwe Gold, is the country's sixth attempt to resuscitate the national unit. Its predecessor, the Zimbabwe dollar, lost value every trading day this year before being abandoned April 5. The Zimbabwe Electricity Supply Authority is among those which urged customers to pay their electricity bills in US dollars."Please note that our conversion to ZiG is still underway," it said in a statement.

 

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