Zimbabwe's Gold-Backed Currency Follows New Trend of Kenyan Shilling, Gains Against US Dollar
==========
The Zimbabwe Gold (ZiG) has shown a positive performance in the first trading week, appreciating by 1.1% against the US dollar. ZiG was introduced to replace the old Zimbabwean dollar, which had been severely impacted by inflation. Reserve Bank of Zimbabwe Governor John Mushayavanhu launched the currency on April 5, marking a significant step towards resolving the country's currency crisis. The surge in ZiG's value coincides with the strong increase in gold prices. The ZiG started trading at a rate of ZWL 13.56 per US dollar on Monday and ended the week at ZWL 13.41 per US dollar after Friday's trading. The Zimbabwe Gold (ZiG) has joined the Kenyan shilling among African currencies that have been gaining against the US dollar in recent weeks. The Kenya shilling traded at KSh 130.39 per US dollar. The gold-backed currency is expected to resolve the inflation and currency crisis that has bedeviled Zimbabwe for over a decade.
#Zimbabwe #Currency #KenyanShilling #UsDollar #GoldbackedCurrency
https://www.tuko.co.ke/business-economy/economy/544855-zimbabwe-gold-backed-currency-gains-dollar-zig-kenya-shilling/
Tuko.co.ke /
npub15yg…zncw
2024-04-15 11:22:45
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npub15ygdhawp2prr6xlzleujfs0hy9g3yvzgzv6pj49afh5sf5q8tfcqdjzncwPublished at
2024-04-15 11:22:45Event JSON
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"content": "Zimbabwe's Gold-Backed Currency Follows New Trend of Kenyan Shilling, Gains Against US Dollar\n==========\n\nThe Zimbabwe Gold (ZiG) has shown a positive performance in the first trading week, appreciating by 1.1% against the US dollar. ZiG was introduced to replace the old Zimbabwean dollar, which had been severely impacted by inflation. Reserve Bank of Zimbabwe Governor John Mushayavanhu launched the currency on April 5, marking a significant step towards resolving the country's currency crisis. The surge in ZiG's value coincides with the strong increase in gold prices. The ZiG started trading at a rate of ZWL 13.56 per US dollar on Monday and ended the week at ZWL 13.41 per US dollar after Friday's trading. The Zimbabwe Gold (ZiG) has joined the Kenyan shilling among African currencies that have been gaining against the US dollar in recent weeks. The Kenya shilling traded at KSh 130.39 per US dollar. The gold-backed currency is expected to resolve the inflation and currency crisis that has bedeviled Zimbabwe for over a decade.\n\n#Zimbabwe #Currency #KenyanShilling #UsDollar #GoldbackedCurrency\n\nhttps://www.tuko.co.ke/business-economy/economy/544855-zimbabwe-gold-backed-currency-gains-dollar-zig-kenya-shilling/",
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