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John Mushayavanhu, governor of Zimbabwe's central bank, anounces a new currency unit called ZiG during a news conference in Harare, Zimbabwe, on Friday, April 5, 2024. Zimbabwe, in its latest bid to end the serial collapse of the local dollar, has replaced it with a new unit called ZiG, which will be backed by a basket of foreign currencies, gold and other precious metals.
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John Mushayavanhu, governor of Zimbabwe's central bank, anounces a new currency unit called ZiG during a news conference in Harare, Zimbabwe, on Friday, April 5, 2024. Zimbabwe, in its latest bid to end the serial collapse of the local dollar, has replaced it with a new unit called ZiG, which will be backed by a basket of foreign currencies, gold and other precious metals.
Zimbabwe expects to produce more than 360 million kilograms (793 million pounds) of tobacco this year, surpassing a 2025 record of 355 million kilograms, the agriculture ministry said.
Zimbabwe expects to produce more than 360 million kilograms (793 million pounds) of tobacco this year, surpassing a 2025 record of 355 million kilograms, the agriculture ministry said.
Workers load tobacco bales at the Tobacco Sales Floors in Harare.
Zimbabwe’s annual inflation rate has fallen below 10% for the first time since 1997, a milestone for a nation once synonymous with hyperinflation and trillion-dollar banknotes. The question now is whether the stability can last.
Zimbabwe’s annual inflation rate has fallen below 10% for the first time since 1997, a milestone for a nation once synonymous with hyperinflation and trillion-dollar banknotes. The question now is whether the stability can last.
A one hundred trillion dollar Zimbabwe note issued in 2008.
Zimbabwe’s economy could grow at its fastest pace in 14 years after the nation secured a 10-month staff-monitored program with the International Monetary Fund, its secretary for finance and economic development said.
Zimbabwe’s economy could grow at its fastest pace in 14 years after the nation secured a 10-month staff-monitored program with the International Monetary Fund, its secretary for finance and economic development said.
Street traders in the central business district of Harare, Zimbabwe. Photographer: Cynthia R Matonhodze/Bloomberg
Zimbabwe, after years of talks with the International Monetary Fund, has secured a 10-month staff-monitored program, a crucial step toward clearing billions of dollars in debt arrears.
Zimbabwe, after years of talks with the International Monetary Fund, has secured a 10-month staff-monitored program, a crucial step toward clearing billions of dollars in debt arrears.
Commercial office buildings in the central business district of Harare.
Zimbabwe’s state-owned Mutapa Platinum Group said it has approached other miners to help it develop a $500 million mine in the country.
Workers survey the Portal One area of the Great Dyke Investments Ltd. Darwendale platinum mine project, near Harare, Zimbabwe, on Wednesday, Sept. 16, 2020. The so-called Darwendale project, which lies 65 kilometers (40 miles) from the capital Harare, is central to the Zimbabwean government’s plans to revive its stagnant economy.
Zimbabwe’s High court said Impala Platinum Holdings Ltd.’s local unit is not liable to pay mining royalties of $7.1 million on exports matte and concentrates.
Zimbabwe’s High court said Impala Platinum Holdings Ltd.’s local unit is not liable to pay mining royalties of $7.1 million on exports matte and concentrates.
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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