RBZ injected US$190m into FX market since ZiG’s adoption

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THE Reserve Bank of Zimbabwe has injected $190 million into the foreign-exchange market to meet demand for dollars and maintain economic stability since the introduction of a new bullion-backed currency, a monetary policy committee member said.

The country began using the ZiG, short for Zimbabwe Gold, in April.

The adoption of the currency, backed by reserves of gold, precious metals and cash held at the Reserve Bank of Zimbabwe, is seen as an important step to end the country’s reliance on dollars by 2026.

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