Latest news with #ZiG
Business Insider
09-07-2025
- Business
- Business Insider
Gold and forex reserves supporting Zimbabwe's ZiG hit all-time high
Gold and foreign-currency reserves supporting Zimbabwe's bullion-backed currency, the ZiG (Zimbabwe Gold), hit a record high in June, according to the central bank. Zimbabwe's central bank reported record-high gold and foreign currency reserves, reaching $731 million in June. The ZiG currency experienced its largest single-day gain against the U.S. dollar due to increased gold production and reserves. The ZiG was introduced to replace the defunct Zimbabwean dollar, addressing past economic instability caused by previous currency collapses. Gold and foreign-currency reserves supporting Zimbabwe's bullion-backed currency, the ZiG (Zimbabwe Gold), hit a record high in June, according to the central bank. The reserves rose to $731 million last month, up from $639 million in May and significantly higher than the $276 million reported in April 2023, when the ZiG was first introduced. The update was shared in a statement released by the central bank on Wednesday. This week, Zimbabwe's gold-backed currency, the ZiG, recorded its biggest single-day gain against the U.S. dollar this year, buoyed by a sharp increase in gold production and stronger foreign currency reserves. A new chapter after currency failures Years of economic mismanagement have led to the collapse of five previous attempts to establish a stable currency in Zimbabwe, according to Bloomberg. The ZiG, introduced to replace the defunct Zimbabwean dollar, which had plummeted in value, is the latest effort. This increase in bullion output has helped triple Zimbabwe's foreign reserves, offering a much-needed buffer for the country's fledgling currency and economy. The Reserve Bank of Zimbabwe last month reported that it now holds 3.4 tons of gold in its reserves, more than double the 1.5 tons it had in storage when the ZiG currency was first introduced in April last year. Authorities now hope the gold-backed ZiG will eventually take over from the US dollar, which has served as a parallel currency in the country since 2009. The International Monetary Fund (IMF) also expressed support for the ZiG, stating that it hopes to see the currency evolve into Zimbabwe's sole legal tender under a potential staff-monitored program.
Bloomberg
09-07-2025
- Business
- Bloomberg
Zimbabwe Currency Reserves Backing ZiG Climb to Record
Gold and foreign-currency reserves backing Zimbabwe's bullion-linked monetary unit rose to a record in June, the central bank said. The reserves climbed to $731 million from $639 million in May and $276 million in April last year, when the nation introduced Zimbabwe Gold, the currency known as the ZiG, the central bank said in a statement Wednesday.
Business Insider
05-07-2025
- Business
- Business Insider
Zimbabwe's ZiG posts biggest gain yet on soaring gold reserves
Zimbabwe's gold-backed currency, the ZiG, recorded its biggest single-day gain against the U.S. dollar this year. Zimbabwe's gold-backed currency, the ZiG, has seen its largest single-day gain against the US dollar this year by 0.2%, trading at 26.89 per dollar. This appreciation is supported by a 46% increase in gold production in the first half of the year, with 20,104 kilograms produced. This surge in gold output has significantly increased Zimbabwe's foreign reserves, enhancing the financial stability of the ZiG. Zimbabwe's gold-backed currency, the ZiG, recorded its biggest single-day gain against the U.S. dollar this year, buoyed by a sharp increase in gold production and stronger foreign currency reserves. The ZiG appreciated by 0.2% on Friday, trading at 26.89 per dollar, according to data published on the Reserve Bank of Zimbabwe's website. It marked only the 12th time the currency has strengthened against the dollar in 2025, according to Bloomberg. The boost comes as gold production rose nearly 46% in the first half of the year to 20,104 kilograms, according to Fidelity Refineries, the country's sole gold refinery. June alone saw a 63% year-on-year surge in output. This increase in bullion output has helped triple Zimbabwe's foreign reserves, offering a much-needed buffer for the country's fledgling currency and economy, the central bank said. The Reserve Bank of Zimbabwe last month reported that it now holds 3.4 tons of gold in its reserves, more than double the 1.5 tons it had in storage when the ZiG currency was first introduced in April last year. IMF expresses cautious optimism Last month, the International Monetary Fund (IMF) expressed support for the ZiG, stating that it hopes to see the currency evolve into Zimbabwe's sole legal tender under a potential staff-monitored program. The currency is Zimbabwe's sixth attempt in 15 years to establish a stable local currency, and it is backed by 2.5 tons of gold and $100 million in foreign currency reserves held by the central bank. However, despite its gold backing, the ZiG has struggled to win the public's trust.
Bloomberg
04-07-2025
- Business
- Bloomberg
Gold-Backed ZiG Climbs Most This Year as Zimbabwe Reserves Surge
Zimbabwe's gold-backed ZiG posted its best single-day gain against the dollar this year, boosted by surging bullion output and improved foreign currency reserves. The currency strengthened 0.2% on Friday to trade at 26.89 against the dollar, according to data posted on the central bank's website. That is only its 12th day of appreciation against the US currency this year.
The Star
19-06-2025
- Business
- The Star
Zimbabwe boosts gold reserves to 3.4 metric tons to support ZiG currency
HARARE, June 19 (Xinhua) -- Zimbabwe is steadily building its gold reserves to support the Zimbabwe Gold (ZiG) currency introduced in April last year, with reserves now standing at 3.4 metric tons, the Presidential Communications Department said Thursday. In a post on X, the department said President Emmerson Mnangagwa toured the gold vaults of the Reserve Bank of Zimbabwe (RBZ) on Thursday. The RBZ plans to increase national gold reserves to 5 metric tons by the end of this year. In his address to the media after the inspection, Mnangagwa said the reserves are critical, serving as one of the key fundamentals needed for a stable national currency. RBZ Governor John Mushayavanhu said the current gold reserves held by the central bank are more than sufficient to back the ZiG in circulation. He said the ongoing stability of the local currency is a result of rising reserves and sound fiscal policies. The ZiG, launched last April as Zimbabwe's latest attempt at currency reform, has remained largely stable in recent months due to the central bank's tight monetary policy stance. On Wednesday, the International Monetary Fund praised Zimbabwe's macroeconomic stability, noting that the country's disciplined policies have helped stabilize the ZiG and reduce inflation.
