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

Zimbabwe Central Bank Chief Says ZiG 43% Devaluation Is ‘Once-Off’ Event

10 months ago
in Business, Economy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
53
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Zimbabwe Central Bank Chief Says ZiG 43% Devaluation Is ‘Once-Off’ Event

Zimbabwe sought to assure citizens that its gold-backed currency would not suffer another steep devaluation and steps were being taken to assure its defence.

“It was a once-off,” Reserve Bank of Zimbabwe Governor John Mushayavanhu told the state-owned Zimbabwe Broadcasting Corporation in an interview posted on X. “We expect things to stabilize going forward and should start to see prices fall.”

The ZiG — short for Zimbabwe Gold – was devalued by 43% on Sept. 27 to 24.4 per dollar after a wide gap emerged between the official and unofficial exchange rate. It is the southern African nation’s sixth attempt to stand up a local currency since 2009.

Since the devaluation, the ZiG has weakened by more than 7% on the official market and was quoted at 26.33 per dollar Friday, according to data posted on the central bank’s website.

But that is still well above the unofficial market rate of between 40 and 50 ZiG per dollar, according to ZimPriceCheck.com, a website that monitors official and unofficial exchange rates.

Previous efforts at having a stable local currency were sunk by hyperinflation caused by the government printing money to finance spending.

RelatedPosts

CID Establishes Task Force to Combat Influx of Stolen Vehicles into Ghana

Government Reintroduces Free Cocoa Fertiliser Programme to Boost Sector Growth

President Mahama Directs Ministers to Fast-Track Rollout of Ghana’s E-Visa System

Mushayavanhu said the central bank would curb money supply growth by limiting credit creation by the nation’s lenders.

He said local currency deposits now stand at 10.7 billion ZiG ($406 million), without providing specific details on changes to the money supply since the ZiG was adopted in April, adding that gold and hard-currency reserves backing the unit have climbed to $450 million.

That compares with $285 million in early April.

“Money supply also increases through credit creation by banks and the recent move that we took to increase statutory reserves and up the bank policy rate will actually slow down credit creation,” Mushayavanhu said. “Money supply will remain under control.”

Source: bloomberg
Via: norvanreports
Tags: ZiG 43% DevaluationZimbabwe Central BankZimbabwe Central Bank Chief Says ZiG 43% Devaluation Is ‘Once-Off’ Event

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

No Result
View All Result

Highlights

AngloGold Ashanti Doubles Earnings and Free Cash Flow on Higher Gold Prices, Production Surge in Q2 2025

Africa’s Richest Country to Boost Continental Trade Ties After U.S. 30% Tariff Hit

Nigeria Hits Panic Button as West Africa Logs $2.1bn in Suspicious Crypto Transactions

CID Recovers 43 Stolen Luxury Vehicles Smuggled into Ghana

2025 Mid-Year Economic Review: Fiscal Discipline is a Necessary Pain

Ledecky’s Heroics Highlight Underwhelming US Campaign at World Aquatics Championships

Trending

Business

CID Establishes Task Force to Combat Influx of Stolen Vehicles into Ghana

August 4, 2025

CID Establishes Task Force to Combat Influx of Stolen Vehicles into Ghana The Criminal Investigations Department (CID)...

Government Reintroduces Free Cocoa Fertiliser Programme to Boost Sector Growth

August 4, 2025

President Mahama Directs Ministers to Fast-Track Rollout of Ghana’s E-Visa System

August 4, 2025

AngloGold Ashanti Doubles Earnings and Free Cash Flow on Higher Gold Prices, Production Surge in Q2 2025

August 4, 2025

Africa’s Richest Country to Boost Continental Trade Ties After U.S. 30% Tariff Hit

August 4, 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

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.