Zimbabwe’s central bank Governor John Mushayavanhu said he’s concerned that the appreciation of the country’s new currency against the dollar could spur deflation.
The new unit backed by gold and a basket of foreign currencies is the nation’s sixth attempt at creating a functioning local currency since 2008. A single ZiG is worth about 7 US cents, the price of a milligram of gold. Mushayavanhu earlier Thursday told a business meeting in the capital, Harare, that the national statistics agency will now publish inflation in both ZiG and US dollars.
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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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