RBZ Devalues ZiG To 24.3 From 14.1 Per 1 USD
The Reserve Bank of Zimbabwe (RBZ), on Friday, September 27, devalued the gold-backed currency, the Zimbabwe Gold (ZiG), by 44% against the US dollar, bringing the exchange rate to 24.3 ZiG per US dollar.
Despite this devaluation, the local currency is trading at a higher rate in the parallel market, which is currently at least 28 ZiG to the dollar, according to market observers.
The new official exchange rate represents a significant increase from the previous rate of 14.1 ZiG per dollar, announced earlier that same day.
This devaluation is expected to impact Zimbabwe’s financial sector and could have broad implications for businesses and consumers.
For the average consumer, this change may lead to higher prices for goods and services priced in ZiG.
Civil servants, who receive part of their salaries in ZiG, may be particularly affected, as their purchasing power has been significantly diminished.
More: Pindula News
