Zimbabwe Central Banker Stockpiles Gold in a Move to Bolster ZiG Currency.

CENTRAL banking industry; HARD currencies; INTEREST rates; GOLD; FOREIGN exchange reserves; BANKERS

Zimbabwe's central bank Governor, John Mushayavanhu, is increasing the nation's gold reserves to support the ZiG currency. This move has helped reduce exchange-rate volatility and inflation. The ZiG, which stands for Zimbabwe gold, is the country's sixth attempt at having a functioning local currency. The central bank aims to increase reserves to issue more ZiG currency and eventually make it the sole currency. Other African nations, such as Uganda, Nigeria, and Madagascar, are also considering bolstering their gold holdings to protect their currencies and fight inflation. [Extracted from the article]

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