Gold-Backed ZiG has Struggled to Win People over in Zimbabwe
Zimbabwe’s central bank governor John Mushayavanhu assured the public that the country does not face a foreign exchange (forex) crisis. He explained that in recent market intervention, the central bank provided $20 million in foreign exchange but purchased only $15 million, indicating the level of market demand. This shows that Zimbabwe has enough foreign currency reserves to meet market demand, despite concerns about currency shortages. Major companies urged authorities to allow free flow of local currencies, a gold medal unit called Zig.
source: Bloomberg
