RBZ pledges permanent ZiG backing to shore it up

RESERVE Bank of Zimbabwe (RBZ) deputy governor Innocent Matshe says the Zimbabwe Gold (ZiG) will be indefinitely backed as the central bank seeks to shore confidence in the currency ahead of the abandonment of the multi-currency regime in 2030.

The market has recently been rattled by the government announcing its attention to abandon the multi-currency regime by 2030, with many calling the move premature.

This is because Zimbabwe has had several currency flops following their introduction into the economy after a period of exchange rate volatility.

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