THE International Monetary Fund welcomed Zimbabwe’s introduction of a new gold-backed currency as a positive step, in its first substantive comment on the ZiG since it was introduced last month.
“The introduction of ZiG represents an important policy action accompanied by several complementary policy changes — including monetary, exchange rate, and fiscal policy measures,” a spokesperson for the Washington-based lender said in an emailed response to Bloomberg questions.
ZiG, short for Zimbabwe Gold, was unveiled on April 5. It is the southern African nation’s sixth attempt in the last 15 years to establish a functioning currency after previous efforts failed amid hyperinflation and collapsing foreign exchange values.- Bloomberg