A monthlong-drive by Zimbabwean authorities to stifle the unofficial market in their new gold-backed currency is driving the business off the streets and into the bank.
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Zimbabwe to Extend ZiG Currency Crackdown to Companies, Finance Chief SaysZimbabwe plans to extend a crackdown that’s targeting street currency traders to companies to ensure goods and services are priced using only the official exchange rate of the new ZiG currency.
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Zimbabwe’s ZiG Crackdown Prompts Street Traders to Switch to WhatsAppZimbabwe’s street currency traders are abandoning their regular spots in city centers for messaging platform WhatsApp to evade arrest as the central bank and police crackdown on the unofficial market blamed for contributing to currency crashes.
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Zimbabwe’s New Currency, the ZiG, Has Brought With It DeflationZimbabwe, which has become synonymous with runaway inflation, is now contending with deflation following the introduction of its new currency.
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IMF Calls Zimbabwe Switch to Gold-Backed ZiG an ‘Important’ StepThe International Monetary Fund welcomed Zimbabwe’s introduction of a new gold-backed currency as a positive step, in its first substantive comment on the ZiG since it was introduced last month.
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Zimbabwe’s Central Bank Gold Reserves to Back ZiG Currency RiseZimbabwe’s gold reserves backing its new bullion-linked currency are increasing and the stockpile’s value is also being boosted by the higher price of the precious metal, the central bank said.
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Zimbabwe Asks Miners to Ramp Up Gold Output to Support ZiG CurrencyZimbabwe has asked gold miners across the country to ramp up output to support the ZiG currency launched last month, according to Mines and Mining Development Minister Winston Chitando.
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