Zimbabwe’s annual inflation rate fell to single digits for the first time since 1997, a development authorities say is essential to adopting the gold-backed ZiG as the country’s sole currency by 2030.
Zimbabwe’s annual inflation rate fell to single digits for the first time since 1997, a development authorities say is essential to adopting the gold-backed ZiG as the country’s sole currency by 2030.
Shoppers browse grocery stores in the central business district of Harare, Zimbabwe.
Zimbabwe remains committed to curbing inflation, but plans to shift the focus of monetary policy to place more emphasis on managing the money supply, the central bank said.
Zimbabwe remains committed to curbing inflation, but plans to shift the focus of monetary policy to place more emphasis on managing the money supply, the central bank said.
Zimbabwe’s inflation was 0.2% in December. Photographer: Cynthia R Matonhodze/Bloomberg
Zambia and Zimbabwe agreed to each contribute $220 million to build the delayed $4.2 billion Batoka Gorge hydropower plant that will supply electricity to both nations.
Zambia and Zimbabwe agreed to each contribute $220 million to build the delayed $4.2 billion Batoka Gorge hydropower plant that will supply electricity to both nations.
The Kariba Dam between Zimbabwe and Zambia. Photographer: GUILLEM SARTORIO/AFP
Zimbabwe will continue to make strategic mineral purchases in 2026 in order to build its foreign currency reserves, as it pushes ahead with plans to adopt the ZiG as its sole currency by 2030, central bank governor John Mushayavanhu said on Sunday.
Zimbabwe will continue to make strategic mineral purchases in 2026 in order to build its foreign currency reserves, as it pushes ahead with plans to adopt the ZiG as its sole currency by 2030, central bank governor John Mushayavanhu said on Sunday.
John Mushayavanhu, governor of Zimbabwe's central bank, during an interview in Harare, Zimbabwe, on Monday, July 15, 2024. Mushayavanhu is building up the nation’s gold reserves to help support the ZiG currency, taking steps that have so far helped curb exchange-rate volatility and an inflation spiral.
South African private equity firms and lenders will invest $600 million in debt and equity on a dry port in the Democratic Republic of Congo to ease congestion on one of Africa’s busiest mineral corridors.
South African private equity firms and lenders will invest $600 million in debt and equity on a dry port in the Democratic Republic of Congo to ease congestion on one of Africa’s busiest mineral corridors.
Haulage trucks carrying copper and cobalt for export on the toll road between Lubumbashi and Kasumbalesa in Democratic Republic of Congo.
Zimbabwe’s small-scale gold producers said government plans to double a mining royalty will deter investment and spur an increase in smuggling of the precious metal.
Zimbabwe’s small-scale gold producers said government plans to double a mining royalty will deter investment and spur an increase in smuggling of the precious metal.
Gold is weighed at a small-scale gold mine in Zimbabwe.
Zimbabwe doesn’t intend to completely wean itself off utilizing the US dollar, even as it moves toward adopting the ZiG as its primary currency by 2030.
Zimbabwe doesn’t intend to completely wean itself off utilizing the US dollar, even as it moves toward adopting the ZiG as its primary currency by 2030.
A twenty ZiG banknote at a market in Harare, Zimbabwe.
Zimbabwe will introduce a new royalty structure for gold miners as the mineral-rich southern African nation seeks to cash in on a surge in the price of the metal.
Zimbabwe will introduce a new royalty structure for gold miners as the mineral-rich southern African nation seeks to cash in on a surge in the price of the metal.
The central business district of Harare. Photographer: Cynthia R Matonhodze/Bloomberg
Zimbabwe expects to build a sufficient foreign-exchange buffer to enable it to transition to a single currency and phase out the use of US dollars in everyday transactions within the next three years, the deputy central bank governor said.
Zimbabwe expects to build a sufficient foreign-exchange buffer to enable it to transition to a single currency and phase out the use of US dollars in everyday transactions within the next three years, the deputy central bank governor said.
The ZiG accounts for about 40% of daily transactions.
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