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Zimbabwe ZiG: Top reasons the gold-backed currency is thriving
['Crispus Nyaga']
Invezz
The Zimbabwe ZiG currency has remained in a tight range in the past few months.
Zimbabwe ZiG is being boosted by soaring gold pricesCopy link to sectionOne of the top catalysts for the Zimbabwe ZiG is the soaring gold prices.
The surging gold price is important for the Zimbabwe currency because it is backed by gold and the US dollar.
This development, together with the central bank’s efforts to make ZiG the sole currency, has helped to boost its performance.
We should think about our own currency, not on how to get rid of another currency.”At the same time, the Zimbabwe ZiG has benefited from the ongoing US dollar index softness.
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