ZIMBABWE’S foreign currency reserves supporting the local currency increased by 89 percent to approximately US$540 million on October 31, 2024 from US$285 million on April 5, 2024, official data shows.
The ZiG, which began operating in April, is backed by the southern African nation’s gold and hard currency reserves.
At the time of introduction, the ZiG was backed by reserves in the form of US$100 million foreign currency in cash and about 2,5 tonnes of gold worth about US$180 million.