The currency rose 0.2% to 13.50 to the dollar on Wednesday, according to Reserve Bank of Zimbabwe data posted on its website.
Zimbabwe’s gold-backed currency, the ZiG, strengthened for a second straight day since launching earlier this week, even as all the nation’s banks have yet to fully switch to using the new unit.
Zimbabwe uses a blended inflation rate based on both currencies, because they’re the most common monetary units in the country.Gold, which has surged 20% since mid-February, was little changed on Wednesday. “We are having a period of confusion because of the adjustment to ZiG,” said Hawkins. “There is no longer an auction and firms will rely on a willing-buyer, willing-seller market, which is likely to struggle to meet demand. So the price of ZiG will be dependent on supply.” ADVERTISEMENT CONTINUE READING BELOW Most retail outlets are accepting payment in dollars for day-to-day transactions.
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