Zimbabwe’s gold-backed currency, which was devalued by 43% by the central bank on Sept. 27, remained under pressure on Monday.

Zimbabwe's central bank has devalued its gold-backed currency by over 40% against the US dollar, indicating that the last ditch effort to stabilise the country's volatile economy, is in trouble. The Reserve Bank of Zimbabwe (RBZ) made the decision to slash the local exchange rate to 24 Zig to $1 (£0.

In April, Zimbabwe introduced a gold-backed currency in an effort to stabilize the country’s financial system. Less than six months later, the Reserve Bank of Zimbabwe has already devalued the new money.

The Reserve Bank of Zimbabwe (RBZ) today allowed the Zimbabwe Gold (ZiG) currency to fall by over 74% against the US dollar, following weeks of mounting

Spread This NewsBy Thandiwe Garusa US based economist and currency expert Steve Hanke has said Zimbabwe’s inflation is at 880% per year, saying the economy is “up in flames”. In April this year the Re

As Zimbabwe’s ZiG currency struggles to gain public trust, illegal money changers thrive, driving inflation and highlighting deep-rooted economic issues.

Zimbabwe's gold-backed ZiG currency fell more than 40% against the U.S. dollar on the interbank market from Thursday to Friday, the central bank's website showed. The Reserve Bank of Zimbabwe's website gave the mid rate for ZiG as 24.

Zimbabwe sold its gold-backed currency to banks at 44% less than the prevailing rate against the dollar Friday, according to four treasury dealers, effectively devaluing the unit.