Search results for 'gold-backed currency'
Zimbabwe
ZiG Experiences First Formal Forex Depreciation

The ZiG has experienced its inaugural depreciation in the formal forex market since its inception, as per the data reported by the Central Bank. On a week-over-week basis, the ZiG was quoted at 13.581

Jun 24, 2024
Zimbabwe
Zimbabwe's Gold-Backed Currency: A Tale of Hope and Disillusionment

The Zimbabwe Gold (ZiG) traded at 13.7863 on the 15th of August, down from 13.7854 in the prior week, continuing the downward trend observed in July 2024. The ZiG, backed by gold and US dollar reserve

Aug 15, 2024
Zimbabwe
John's Curse 2:ZiG Drops to ZiG26, PMR Hits 40, Gold-Backed No More?

Zimbabwe's local currency, Zimbabwe Gold (ZiG), has taken a worrying plunge to ZiG26.0692 against the US dollar, continuing its downward spiral. Last week, it traded at ZiG25.3578 on October 4, 2024,

Oct 10, 2024
Zimbabwe
‘Gold-Backed’ ZiG Falters: Accumulates 48% Loss Since Launch

The Zimbabwe Gold (ZiG) currency has exhibited a contrarian performance, depreciating to 26.2614 against the US dollar on January 17, 2024, thereby reversing the gains accrued in the preceding week.

Jan 17, 2025
Zimbabwe
ZiG Weekly Review: Slides to 26.67, Worst Performance Since January, but PMR Gap Narrows

The Zimbabwe Gold (ZiG) has demonstrated sustained depreciation against the United States Dollar (USD), recording an exchange rate of 26.6749 on 17 March 2025, extending a loss-making streak observed

Mar 17, 2025
Zimbabwe
ZiG Weekly Commentary: ZiG Plummets 49% Since Launch

Zimbabwe’s Gold-backed currency (ZiG) hit fresh week-on-week lows in April 2025, dropping from 26.78 on April 4 to 26.81 by April 11, extending its record-breaking gradual slide. Since its debut on A

Apr 11, 2025

Top Stories

VFEX Turnover More than Quadruples to US$58.5 Million in Q1 2025

The Victoria Falls Stock Exchange (VFEX), a dynamic subsidiary of the Zimbabwe Stock Exchange (ZSE), has solidified its role as a catalyst for Zimbabwe’s ambitious International Financial Services Cen

4 hours ago

Caledonia Mining Boosts Gold Production Prospects at Blanket Mine with Encouraging Drill Results

Caledonia Mining Corporation has reported promising high-grade results from its ongoing resource expansion drill programme at its owned Blanket Mine. This will improve gold production at Blanket, whi

1 day ago

Zimbabwe Gold Sees First Appreciation Since May Post-Gold Coins Era

The Zimbabwe Gold (ZiG) has appreciated for the first time since May 21, rising from 26.9965 to 26.9543 against the U.S. dollar on the formal market today, marking its first gain in June following the

1 day ago

Oil Prices Surge to 5-Month High Amid US-Iran Conflict

Oil prices have skyrocketed to a five-month high, with Brent crude surging 5.7% to US$81.40 a barrel before settling at US$78.39, with U.S. West Texas Intermediate rising 2.6% to US$75.76. The spike

Jun 23, 2025

ZiG Weekly Commentary: From Gold Coins to Growth, ZiG’s New Era

The ZiG maintained relative stability in the willing buyer-willing seller auction market. On June 20, 2025, it depreciated slightly to 26.9918 from 26.9768 the previous week, before recovering margina

Jun 23, 2025

Zimbabwe's Tobacco Production Surpasses 300 Million Kilograms, Eyes New Record

Zimbabwe’s tobacco industry has achieved a historic milestone in 2025, surpassing 300 million kilograms of production, generating over US$1 billion in revenue by June 19, 2025 according to TIMB.  Thi

Jun 23, 2025

POSB Launches Instant Payday Loan

People’s Own Savings Bank (POSB), Zimbabwe’s government-owned financial institution, has launched the Instant Payday Loan, a fully automated loan facility designed to empower customers with rapid acce

Jun 19, 2025

Tobacco Sets New All Time Historic High

obacco Industry Marketing Board has reached a record 299.1 million kilograms as of day 71 of the  2025  marketing season, generating  US$1,004,477,101 billion in revenue, according to the latest daily

Jun 19, 2025