Zimbabwe’s gold-backed currency loses half its value: Why and what’s next?
ALJAZEERAAl Jazeera Staff
Zimbabwe’s gold-backed currency loses half its value: Why and what’s next?
Six months in, the gold-backed ZiG touted as a solution to the currency crisis is struggling to win confidence.
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Zimbabwe's ZiG is the world's newest currency and its latest attempt to resolve a money crisis
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What do Zimbabweans need to know about the new Zimbabwean currency called the ZiG? Can Zimbabweans use the new currency called the ZiG to pay for your passport application? Can you use it to buy fuel at the service station? Can you use it to pay customs duty for your car at Beitbridge border post? Can you walk into a bank and use it to buy foreign exchange? Can you buy an airline ticket with it? Zimbabwe has the highest inflation in the world, will it come down after the introduction of the ZiG?
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What do Zimbabweans need to know about the new Zimbabwean currency called the ZiG? Can Zimbabweans use the new currency called the ZiG to pay for your passport application? Can you use it to buy fuel at the service station? Can you use it to pay customs duty for your car at Beitbridge border post? Can you walk into a bank and use it to buy foreign exchange? Can you buy an airline ticket with it? Zimbabwe has the highest inflation in the world, will it come down after the introduction of the ZiG?
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What do Zimbabweans need to know about the new Zimbabwean currency called the ZiG? Can Zimbabweans use the new currency called the ZiG to pay for your passport application? Can you use it to buy fuel at the service station? Can you use it to pay customs duty for your car at Beitbridge border post? Can you walk into a bank and use it to buy foreign exchange? Can you buy an airline ticket with it? Zimbabwe has the highest inflation in the world, will it come down after the introduction of the ZiG?
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If the Zimbabwean currency is said to be backed by gold, as the Zimbabwean government claims, but its value is not tied to the price of gold, as the Finance Minister states, then the currency is not linked to gold. Where does Zimbabwe find these ministers? Why do they disrespect their citizens like this, treating them as though they are ignorant? This highlights the confusion and contradictions surrounding Zimbabwe’s local currency. If a currency is claimed to be backed by gold, it means its val
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