The second quarter of 2024 has seen significant stability in the prices and availability of basic commodities, both in Zimbabwean dollars (ZiG) and US dollar terms, according to the government.
At a recent post-cabinet media briefing, Information Minister Jenfan Muswere noted that the ZiG currency appreciated slightly by 0.51% against the US dollar.
This appreciation is attributed to the tight monetary policy that has been maintained, resulting in exchange rate stability and consequently, the stabilization of basic commodity prices.
The Zimbabwe Gold (ZiG), which became the official currency on April 8, 2024, is backed by US$575 million worth of hard assets, including foreign currencies, gold, and other precious metals.
The ZiG replaced the rapidly depreciating Zimbabwean dollar, which had seen its exchange rate surpass 30,000 Zimbabwean dollars per US dollar on April 5, 2024, with the parallel market rate reaching 40,000 per US dollar.
