Market News

Zimbabwe’s gold-backed currency, and the naira have further weakened due to increased dollar demand, after interventions by both central banks. Zimbabwe’s gold was devalued by 43 percent by the Reserve Bank of Zimbabwe (RBZ) on Friday, after they hiked the benchmark interest rate to 35 percent from 20 percent. The ZiG, short for Zimbabwe Gold, was quoted at 24.88 per dollar today, compared with 24.39 on Friday, according to the RBZ. The government’s decision to devalue the currency against the dollar further cast doubts about its value in the minds of the citizens, leading to its wide rejection.