Categories: Stories

ZiG falls against US dollar

Zimbabwe’s new currency today fell against the United States for the first time since its launch on 5 April.

The ZiG, which is backed by gold and other minerals, has been appreciating against the greenback since it started trading on 8 April rising from 13.5616 to 13.2517 yesterday. It dropped to 13.3811 today.

Zimbabwe is banking on the new currency but the public is still sceptical about whether it will bring about the stability that the country needs.

The ZiG is currently selling at 18 on the blackmarket according to Zimpricecheck.

Police have arrested 65 money changers but critics say police are arresting runners instead of the “chefs” that give the money changers the cash to buy US dollars.

The ZiG is currently trading electronically and some of the money changers had swipe machines.

President Emmerson Mnangagwa said that it was inconceivable that such transactions could go undetected or unnoticed because they left a trail.

The only people that are untouchable are senior Zimbabwe African National Union-Patriotic Front leaders and those in the banking sector.

(161 VIEWS)

Charles Rukuni

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

Recent Posts

Britain says amendment of the Zimbabwean Constitution is a sovereign, legislative matter for Zimbabwe to decide

Britain says amendment of the Zimbabwe constitution is a sovereign, legislative matter for Zimbabwe to…

March 24, 2026

Who started the war?

It is now 47 years since I wrote the short story below for a South…

March 4, 2026

Zimbabwe 2026 monetary policy statement at a glance

Zimbabwe has released its 2026 monetary policy statement in which it seeks to stabilise its…

March 1, 2026

Was Chombo Mugabe’s number two?

Far from it, on paper that is. Ignatius Chombo was one of the longest serving…

February 6, 2026

Zimbabwe’s 2026 citizen’s budget

Zimbabwe on Thursday announced a ZiG290.9 billion budget with revenue expected to be ZiG287.6 billion,…

November 30, 2025

IMF says Zimbabwe’s economic recovery in 2025 is stronger than previously anticipated

The International Monetary Fund says Zimbabwe’s economic recovery in 2025 is stronger than previously anticipated…

November 8, 2025