Zimbabwe Plans Rules to Enforce Sole Use of ZiG Exchange Rate
- ZiG exchange rate is market-determined, says finance minister
- Gold-backed ZiG is sixth attempt at local currency since 2008
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Zimbabwe plans new rules to compel businesses to only use the official exchange rate of its gold-backed currency, the ZiG, when pricing goods and services.
The move, announced Tuesday by Finance Minister Mthuli Ncube, is aimed at preventing the development of an unofficial market in the ZiG, which flourished during previous versions of the local Zimbabwean currency and contributed to their failure.