Zimbabwe Has $370 Million in Reserves to Back Currency: Mail
- Central bank is accumulating royalties from key minerals
- ZiG was introduced in April to replace the Zimbabwe dollar
ZiG banknotes.
Photographer: Cynthia R Matonhodze/BloombergThis article is for subscribers only.
Cash and mineral reserves backing Zimbabwe’s new currency have risen to approximately $370 million from $285 million over the past three months, the state-run Sunday Mail reported citing central bank governor John Mushayavanhu.
The increase in currency and mineral reserves provides a strong “buffer” for the Zimbabwe Gold, or ZiG, against external forces, according to the report.