Zimbabwe Authorities Troubled By Tumbling New Currency allafrica.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from allafrica.com Daily Mail and Mail on Sunday newspapers.
By Business Reporter- In a startling admission, the newly appointed Reserve Bank of Zimbabwe (RBZ) Governor, John Mushayavanhu, has openly acknowledged the ineffectiveness of the Zimbabwean Integrated Gold-backed currency (ZiG). Mushayavanhu disclosed that the authorities were in the dark regarding structured currency and had to seek guidance from a World Bank consultant before launching ZiG.…
Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mushayavanhu says making ZiG fully convertible for all local transactions will result in complete dollarisation of the economy as a weaker local currency cannot compete with a strong one such as the US dollar. The central bank introduced a new currency, ZiG, on April 5 this year.…