• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

IMF says Zimbabwe’s ZiG currency has ended bout of instability

1 year ago
in Business, Economy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
63
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

IMF says Zimbabwe’s ZiG currency has ended bout of instability

The International Monetary Fund says the introduction of a bullion-backed currency by Zimbabwe has helped to end instability that had plagued the economy.

“The ZiG official exchange rate has so far remained stable, ending a bout of macroeconomic instability in the first three months of the year,” the Fund said in an emailed statement Wednesday following an Article IV review. “Assuming that macro-stabilization is sustained, cumulative inflation in the remainder of the year is projected at about 7%.”

The rapid decline of the defunct Zimbabwe dollar fanned inflation, leading to an increase in the cost of goods and services, as the local currency lost value every single trading day on both the official and parallel markets. The local dollar’s collapse also fueled difficulty in making day-to-day transactions as more zeros had to be added to the prices of goods in supermarkets and restaurants to keep track of its weakness.

The ZiG traded at a record low of 13.70 to the dollar Friday, according to central bank data posted on its website. That brings its cumulative losses to 1% since trading began on April 8.

The ZiG is the nation’s sixth attempt at having a functioning local currency in the past 15 years. It is backed by 2.5 tons of gold and $100 million in foreign currency reserves held at the central bank. Monetary authorities have vowed not to print any ZiG not sufficiently backed by the reserves in order to avoid the printing press widely seen as behind the fall of past local units.

The Washington-based lender also commended the “improvement in monetary policy discipline” and urged further refinements to the policy framework. Earlier Wednesday, the central bank’s monetary policy committee kept interest rates unchanged at 20%, a day after holding a rates decision meeting.

RelatedPosts

BudgIT Ghana Calls for Deeper Reforms Following 2024 Open Parliament Index Release

Global Economy Undergoing Profound Transformation Amid Heightened Uncertainty, Says IMFC Chair

Fitch Solutions Revises Ghana’s 2025 Growth Forecast Upwards to 4.9% on Easing Inflation and Stronger Cedi

“The MPC has resolved to maintain the current tight monetary policy stance to ensure the sustenance of the current stability,” said Governor John Mushayavanhu.

Other Highlights:

  • The IMF sees the southern African nation’s growth slowing to 2% this year from 5.3% last year as a result of the El Niño-induced drought.
  • Growth is forecast at 6% next year supported by recovery in agriculture and projects in the manufacturing sector.
  • Treasury urged to have oversight of the Sovereign Wealth Fund also known as the Mutapa Investment Fund in order to ensure stabilization efforts in economy remain.

Source: bloomberg
Via: norvanreports
Tags: IMFIMF says Zimbabwe’s ZiG currency has ended bout of instabilityZiGZimbabwe
No Result
View All Result

Highlights

Nigeria, Kenya Follow Ghana’s Trailblazing GoldBod to Strengthen Economies

Morocco Crowned World Champions at the FIFA U-20 World Cup

GPL: Gold Stars Seek Redemption, Eleven Wonders Hunt First Win in Super Monday Doubleheader

OMCs Begin Over 4% Fuel Price Reductions Amid Cedi Gains and Decline in Global Oil Prices

Nigerians to pay more for ChatGPT on OpenAI’s 7.5% VAT

Prof. Baah-Boateng Urges Bank of Ghana to Prioritise Cedi Stability Amid Sharp Currency Swings

Trending

Features

BudgIT Ghana Calls for Deeper Reforms Following 2024 Open Parliament Index Release

October 20, 2025

BudgIT Ghana Calls for Deeper Reforms Following 2024 Open Parliament Index Release BudgIT, a prominent civic tech...

Global Economy Undergoing Profound Transformation Amid Heightened Uncertainty, Says IMFC Chair

October 20, 2025

Fitch Solutions Revises Ghana’s 2025 Growth Forecast Upwards to 4.9% on Easing Inflation and Stronger Cedi

October 20, 2025

Nigeria, Kenya Follow Ghana’s Trailblazing GoldBod to Strengthen Economies

October 20, 2025

Morocco Crowned World Champions at the FIFA U-20 World Cup

October 20, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.