Zimbabwe Devalues New Gold-Backed Currency by 44%

Zimbabwe's gold-backed ZiG currency has depreciated by 44% against the U.S. dollar, moving from 14 to 25 per dollar. This significant devaluation was reported by Bloomberg News and confirmed by the Bankers Association of Zimbabwe President Lawrence Nyazema.

Zimbabwe's new gold-backed ZiG currency has experienced a 44% devaluation against the U.S. dollar, according to Bloomberg News, which cited information from four treasury dealers.

The ZiG, launched in April this year, has plummeted from a rate of 14 per dollar to 25 per dollar. This decline was further confirmed by Lawrence Nyazema, President of the Bankers Association of Zimbabwe.

The significant devaluation raises concerns about the stability and future of the newly introduced currency.

(With inputs from agencies.)