https://en.sputniknews.africa/20240429/kenyan-president-hails-zimbabwes-new-gold-backed-currency-as-potential-driver-of-economic-recovery-1066287774.html
Kenyan President Hails Zimbabwe's New Gold-Backed Currency as Potential Driver of Economic Recovery
Kenyan President Hails Zimbabwe's New Gold-Backed Currency as Potential Driver of Economic Recovery
Sputnik Africa
Named ZiG (Zimbabwe Gold), the new currency was introduced in Zimbabwe at the beginning of April. It is entirely backed by precious metals (mainly gold) and... 29.04.2024, Sputnik Africa
2024-04-29T15:04+0200
2024-04-29T15:04+0200
2024-04-29T15:04+0200
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Kenyan President William Ruto has described Zimbabwe's new currency, the ZiG, as a potential engine for economic recovery in the southern African country.According to Zimbabwe's central bank, its introduction should bring annual inflation down to between 2% and 5% by the end of the year, and monthly to less than 1%.The Kenyan leader pointed out that Zimbabwe's vast untapped reserves of copper and lithium, as well as gold, platinum, silver and other valuable minerals, represent enormous wealth.
https://en.sputniknews.africa/20240407/zimbabwes-transition-to-new-zig-currency-reportedly-prompts-banking-disruptions-1065957257.html
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economy, william ruto, zimbabwe, kenya, currency, alternative currency, southern africa
economy, william ruto, zimbabwe, kenya, currency, alternative currency, southern africa
Kenyan President Hails Zimbabwe's New Gold-Backed Currency as Potential Driver of Economic Recovery
Muhammad Nooh Osman
Writer/Editor
Named ZiG (Zimbabwe Gold), the new currency was introduced in Zimbabwe at the beginning of April. It is entirely backed by precious metals (mainly gold) and foreign currencies.
Kenyan President William Ruto has described
Zimbabwe's new currency, the ZiG, as a potential engine for economic recovery in the southern African country.
“This radical revitalisation of Zimbabwe’s monetary policy will contribute greatly to the country’s economic resurgence,” Ruto said.
According to Zimbabwe's central bank, its introduction should bring annual inflation down to between 2% and 5% by the end of the year, and monthly to less than 1%.
The Kenyan leader pointed out that Zimbabwe's vast untapped reserves of copper and lithium, as well as gold, platinum, silver and other valuable minerals, represent enormous wealth.
“It is appropriate that they should be deployed to back the national currency,” Ruto said.
