from RT:
The ZiG should be trading at around 15 to the greenback, rather than the official rate of about 25, Reserve Bank chief John Mushayavanhu has said
Zimbabwe’s gold-backed currency (ZiG) is undervalued by nearly half and should be trading much stronger against the US dollar, the southern African nation’s central bank has said.
Reserve Bank of Zimbabwe Governor John Mushayavanhu said on Friday that the ZiG should be valued at around 15 to the US dollar, compared with the official rate of about 25, Bloomberg reported on Monday.
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If we wanted to buy back all the local currency in circulation using our reserves, we could do so at an exchange rate of around 15 to the dollar,” Mushayavanhu said.
The ZiG was launched in April 2024 to replace the Zimbabwe dollar, which had been battered by inflation and repeated bouts of depreciation. It was billed as a currency backed by gold and foreign exchange reserves, with Harare presenting it as a key plank in its push to stabilize prices and eventually reduce reliance on the US dollar. Zimbabwe held 3.4 metric tons of gold reserves as of June 2025, according to official data.
