Declare Central Bank In Zimbabwe, the new gold -backed national currency, known as “Zig”, has managed to achieve a reserve cover exceeding 100%, and that it is moving towards stability.
However, doubts still have many investors who prefer to deal with the parallel market rather than confidence in the official currency, raising questions about its credibility.
The Central Bank in Zimbabwe confirmed the maintenance interest rate The reference is at 35%, indicating the stability of the exchange rate as one of the main reasons for this.
He also announced that his total reserves amounted to $ 701 million. The bank stated that the volume of transactions using the “Zig” currency rose to 43% last May, after it was 26% in April 2024, the month in which the currency was launched for the first time.
Nevertheless, many citizens in Zimbabwe are still dependent on the US dollar in their daily transactions as a result of decades of economic instability and the decline in the value of the national currency.
Officials hope that the gold -backed currency will provide the need for citizens to use in their daily dealings.
However, despite government optimism, the gap is still between Exchange rate The official and parallel market is about 20%, which reflects complete lack of confidence in the new currency.
For his part, welcomed International Monetary Fund With the stability of the currency, but he called on the Zimbabwe authorities to impose more rigorous restrictions on cash growth, and to create a more transparent foreign exchange market, as well as the need to move forward in settling the country’s external debt, which is estimated at $ 12.2 billion.
As for the Minister of Finance, Mettoli Nakoubah, he expressed his hope that the appropriate stability and the appropriate policies will contribute to enabling Zimbabwe to raise $ 2.6 billion as temporary financing by mid -2026.