Zimbabwe's recently introduced gold-backed currency is sliding on the local black market but officials insist the currency is getting stronger and has a bright future. Columbus Mavhunga reports from Harare.

Even songs are played on the radio encouraging citizens to embrace the currency, called Zimbabwe Gold - or ZiG - introduced on April 5 trading at 13.56 to the U.S. dollar.

Official statistics say ZiG is now trading at 13.41. But on the black market it is around 20.

Bond notes refer to the currency which was launched in 2019 after a decade of Zimbabwe using the U.S. dollar and other currencies. The bond note had lost about 80% of its value and was trading at around 40,000 to the dollar before its official demise.

The government says for now, commodities like fuel will still be bought and sold using U.S. dollars.

Gift Mugano, an economics professor, predicts the new currency will go the way of the abandoned one.

To read the complete article, see:
Zimbabwe's new gold-backed currency sliding on black market(https://www.voanews.com/a/zimbabwe-new-gold-backed-currency-sliding-on-black-market/7572007.html)

Aidan adds:

To read the complete article, see:
INTRODUCING THE NEW1ZiG AND 2ZiG BANKNOTESFor Your Convenience(https://www.rbz.co.zw/documents/press/2024/April/ZiG_Posters.pdf)