Zimbabwe Rules Out Intervention as ZiG Hits Record Low Against Dollar
- ZiG has weakened 1.5% against dollar since debuting in April
- Central bank deputy chief says ZiG fall is normal fluctuation
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Zimbabwe’s gold-backed currency weakened to a record low against the dollar, as the nation’s monetary authorities ruled out the need for intervention to support it.
The ZiG, short for Zimbabwe Gold, weakened 0.5% to 13.76 per dollar on Thursday, its biggest single-day drop since the unit was launched three months ago, according to data posted on the central bank’s website. That brings the currency’s cumulative loss to 1.5% since it debuted at 13.56 per dollar in April.