The currency gained 0.2% to 13.53 per US dollar, according to data published on the Reserve Bank of Zimbabwe’s website on Tuesday.
Zimbabwe’s new gold-backed currency the ZiG strengthened a day after its debut, even as it roiled commerce nationwide as banks, retailers and utilities battled to switch to the new unit.
The International Monetary Fund, which in February urged the liberalization of the exchange rate, said it will support authorities latest efforts to restore macroeconomic stability. But the Washington-based lender said it needed time to review the design and implications of the new currency arrangement before weighing in with an assessment.
The new currency is backed by 2 522 kilograms of gold and about $100 million in foreign currency reserves which the central bank said it holds. The Zimbabwe Electricity Supply Authority is among those which urged customers to pay their electricity bills in US dollars. “Please note that our conversion to ZiG is still underway,” it said in a statement.
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