Zimbabwe’s Gold-Backed ZiG Weakens for First Time Since Debut - Bloomberg

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Zimbabwe’s Gold-Backed ZiG Weakens for First Time Since Debut

  • Unit sheds nearly 1% of value as it tracks gold price movement
  • ZiG part of wider plan to abandon US dollar use, official says
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Zimbabwe’s gold-backed currency the ZiG weakened for the first time since its debut earlier this month.

The currency traded almost 1% weaker at 13.38 per dollar on Thursday compared with a day earlier, central bank data shows, tracking the decline in the gold price. The metal has fallen in the past three days.

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