Zimbabwean President Emmerson Mnangagwa has committed to implementing measures aimed at stabilizing the nation's gold-backed currency, the ZiG, in the wake of its significant depreciation on the black market. The ZiG, which was launched five months prior, experienced a 43% drop in value last Friday, following a nearly 47% devaluation on the parallel market. In a parliamentary address, Mnangagwa highlighted concerns over speculative trading activities and detailed plans for corrective actions to protect citizen incomes. He pointed out that the currency's devaluation would lead to "greater flexibility" in the trading of foreign exchange on the official markets. Further, Mnangagwa disclosed plans for bolstering the ZiG, including allocating 50% of the country's royalties to amass reserves. This initiative marks Zimbabwe's sixth effort in 15 years to establish a stable currency, following a period of hyperinflation during the tenure of former leader Robert Mugabe.
Source: iAfrica