Zimbabwe Won’t Print More ZiG Notes Unless They Are Backed by Reserves
- Central bank to boost gold reserves from royalty payments
- Authorities took advice from World Bank to create new currency
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Zimbabwe won’t print additional ZiG notes unless it has the reserves to back the new currency, as that could cause it to tank, central bank Governor John Mushayavanhu said.
“We are not going to increase the amount of money in circulation until it’s backed by adequate reserves,” he told delegates at a meeting Wednesday held in the second-biggest city of Bulawayo. “The president instructed me not to print money without reserves.”