Markets
ZiG Debuts in Zimbabwe’s Sixth Effort at a Revamped Currency
- Stock exchange rebases share prices to reflect new currency
- Parallel market cut off as banks, mobile money change systems
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The ZiG, Zimbabwe’s new currency, began trading on Monday as businesses struggled with the nation’s sixth attempt at introducing a revamped unit.
Reserve Bank Governor John Mushayavanhu set the introductory exchange rate of 13.56 per US dollar for the ZiG, short for Zimbabwe Gold, where it started trading. The daily exchange rate will be determined in the interbank market from now on, Mushayavanhu said during an April 5 presentation of his first monetary policy statement.