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If you’re exporting to Zimbabwe, you may have to have ZiG before you can zag with the US dollar

The financial authorities in Zimbabwe (formerly Rhodesia) appear to be concerned about its new and tumbling currency named the ZiG.

Zimbabwean authorities responded swiftly to the recent decline in the new gold-backed currency by apprehending illicit moneychangers and closing the bank accounts of businesses accused of exclusively dealing in US dollars.

Last week, police arrested several people claiming they were fueling the black market with the ZiG, introduced earlier this month. As of mid-April it was trading at around 20 ZiG for one US dollar.

The government’s official exchange rate is 13 ZiG to a dollar.

Reports said that the government, and government-related services, should be the first to move from the dollar. For now, commodities like fuel and import duties will still be paid with US dollars, according to the report.

Introducing the ZiG’s physical notes and coins to the public is set for April 30, 2024.


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