A general view of the Reserve Bank of Zimbabwe (RBZ)’s head office in Harare, Zimbabwe, July 17, 2024. REUTERS/Philimon Bulawayo/ File Photo Purchase Licensing Rights, opens new tab
Zimbabwe’s central bank allowed the local gold-backed currency to fall over 40% in late September, to 24.3902 to the U.S. dollar. The currency has since fallen further, to 27.6880 to the dollar as of Friday, according to the central bank’s website.
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In September, before the devaluation, consumer inflation was at 5.8% month on month in local currency terms.
The ZiG, which stands for Zimbabwe Gold, is Zimbabwe’s sixth attempt at a stable currency in 15 years after a bout of hyperinflation under leader Robert Mugabe. It was launched in April.