Zimbabwe Throws Weight Behind Gold-Backed ZiG to Spur Demand.

ECONOMIC forecasting; INTERNATIONAL financial institutions; PRICES

Zimbabwe's Finance Minister, Mthuli Ncube, has announced measures to boost demand for the country's gold-backed currency, ZiG. These measures include requiring government services to be paid for in ZiG and encouraging the payment of certain taxes in the currency. Ncube also expressed support for the crackdown on speculation and illegal foreign-exchange activities surrounding ZiG. The Zimbabwean dollar was replaced by ZiG in April 2024, and the budget has been reconfigured to reflect this change. The country's economic growth forecast for 2024 has been revised down to 2% due to a drought. [Extracted from the article]

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