'ZiG seeks to remonetise the economy to restore investor confidence and this will be done through restoring confidence in the currency itself,' Reserve Bank of Zimbabwe Deputy Governor Innocent Matshe said.
Zimbabwe’s new gold-backed ZiG currency will banish sky-high inflation that’s hamstrung the economy and made the southern African nation a poster child for runaway price pressures, the central bank said. “ZiG seeks to remonetise the economy to restore investor confidence and this will be done through restoring confidence in the currency itself,” Reserve Bank of Zimbabwe Deputy Governor Innocent Matshe said on Thursday in Johannesburg. “Key is achieving price and exchange-rate stability.
According to data released April 29, inflation was 57.5% in April, based on a blended measure of the now-abandoned Zimbabwean dollar and the US currency. ZiG-based inflation will be computed from May, the government says. But Matshe said price pressures were already cooling and the central bank sees them down to a 2% to 5% range by the end of the year.
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