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.

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