Jump to navigation

Zimbabwe

Why Mnangagwa’s gold-backed currency keeps falling

Corruption, over-spending and government borrowing from the central bank  are undermining the sixth attempt at a local currency

Mass scepticism greeted Reserve Bank Governor John Mushayavanhu’s assertion on 11 October that last month’s 43% devaluation of the Zimbabwe Gold (ZiG) currency was a ‘once-off’ event and that the economy would stabilise and prices would start falling.

End of preview - This article contains approximately 1036 words.

End of preview

Subscribers: Log in now to read the complete article.

Account Holders: Log in now and use your Account Credit to buy this article. No Credit? Top up your Account now.


If you are logged in, but still cannot access the full text of this article, email customer services or telephone us on +44(0)1638 743633.