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Nairaland Forum / Nairaland / General / Politics / Foreign Affairs / Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency (47922 Views)
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Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by HonNL: 6:02pm On Apr 05 |
The ZiG is the country's sixth currency since independence in 1980 Zimbabwe is replacing its collapsing local currency with a new one backed by gold and foreign currencies that it hopes will be more stable and help bring down inflation, the central bank said on Friday. Reuters 13 Likes 3 Shares
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Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by richeeyo(m): 6:05pm On Apr 05 |
🤣🤣 If they want to go by gold Then civil war would soon start The power that be 44 Likes 5 Shares |
Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by TUANKU(m): 6:11pm On Apr 05 |
richeeyo:Many currencies are backed by gold...and it did not lead to civil war. NL Einsteins...The gold standard was dropped, there are no currencies that are backed OFFICIALLY by gold anymore since Switzerland in year 2000. However, this doesn’t mean that gold or other commodities are irrelevant to their economy or currency. There are plenty of examples of countries where their wealth and currencies are able to be tracked and correlated to a specific commodity or multiple commodities. For example, The Australian Dollar is sensitive to changes in iron prices as they are the largest exporter of iron worldwide. Many countries have a currency that is closely linked to oil with currency and economic fluctuations coinciding with oil price changes and availability. These include large economies such as Canada, Russia, Columbia and Norway. There is correlation between commodity and currency...they have an effect on a currency that can be seen and tracked even when they are not directly backed by these commodities. The Zimbabwe ZiG is backed by both gold and foreign currencies. 157 Likes 9 Shares |
Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by superCleanworks(m): 6:36pm On Apr 05 |
Zig. Ziggy Marley 13 Likes 2 Shares |
Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by Skooltynz: 6:43pm On Apr 05 |
The whole Africa should adopt a single currency like Europe I believe it will help our respective economies. Yabatech partime form is now out, will close fifteenth of next month the earlier you apply the higher you chances of admission.if interest ed call zero eight one two four zero six four three five three . 37 Likes 4 Shares |
Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by donbrowser(m): 6:43pm On Apr 05 |
Wrong 3 Likes 3 Shares |
Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by Edoreborn: 6:43pm On Apr 05 |
W |
Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by chinchum(m): 6:44pm On Apr 05 |
I thought obasanjo advised we contact Zimbabwe on how to combat inflation. Goody two shoes Baba. 36 Likes 3 Shares |
Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by Sinatanatale(m): 6:44pm On Apr 05 |
Let's see if this provide a solution 2 Likes 1 Share |
Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by GOFRONT(m): 6:44pm On Apr 05 |
Way to go.... Zamfara Gold miners wont love this. 3 Likes 1 Share |
Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by adioolayi(m): 6:44pm On Apr 05 |
Zimbabwe ti lu'le.. May they find a way out ...Amen 4 Likes 1 Share |
Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by Godjone(m): 6:45pm On Apr 05 |
When i was in LAGOS those days, there is this stench in ikeja very close to the police college. It was a smelly, toxic and muddy stench. Back then, it was popularly referred to as Zimbabwe.. . So Zimbabwe is still the Zimbabwe of yesteryears NA wao . 14 Likes 2 Shares |
Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by Asonaijaaso: 6:45pm On Apr 05 |
Finally. I was wondering how long before they knew what to do. Africa should back all its currency to the natural resources they produce And watch money flow into Africa This is what Gaddafi proposed that got him un-alived. 113 Likes 10 Shares |
Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by mariahAngel(f): 6:45pm On Apr 05 |
Let's see how that works out. 2 Likes 1 Share |
Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by Kingkamba(m): 6:46pm On Apr 05 |
okay |
Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by RemoveKebab: 6:46pm On Apr 05 |
They are about to get the American freedom If you know you know. 50 Likes 3 Shares
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Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by Ekaette1621990: 6:46pm On Apr 05 |
I was nearly kidnapped because of a 100kg bag of GARRI that was in my car. Garri should be among the items in first aid box. It's been saving lives since 1902. Anyway I laugh in Swahili 😂😂😂😂😂😂😂😂 15 Likes 1 Share |
Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by tojahh(m): 6:46pm On Apr 05 |
May we not go the Zinc way tho 1 Like 1 Share |
Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by NNNN2024: 6:46pm On Apr 05 |
TUANKU: I think he's referring to Western intervention like in Libya 7 Likes 2 Shares |
Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by Frayoworld(m): 6:46pm On Apr 05 |
No b only zig na WIG 1 Like |
Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by Babysho(m): 6:47pm On Apr 05 |
TUANKU: C'mon now. Aren't we past this level of consciousness already? Whenever you hear conspiracies concerning Africa, it's not up for debate. Your only duty as an African is to notice the patterns and if you don't have anything to add, be mute. Follow MOP on social media platforms so you can raise your consciousness and so the Nigerian naira can some day be backed by refined oil. 6 Likes 1 Share
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Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by bassdow: 6:47pm On Apr 05 |
l |
Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by Iceberg3: 6:47pm On Apr 05 |
Mugabe ruined this once beautiful country... Zimbabwean dollar those years,chai!!!! Nna fear white man,o 16 Likes |
Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by bassdow: 6:47pm On Apr 05 |
Can see Logo of RT on microPhone, and RT na Russian based News outlet. Shows that Russia get hand for this matter. 2 Likes |
Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by bassdow: 6:47pm On Apr 05 |
Gaddafi of Libya tried this, we know how it ended. hopefully, this president, who means well, have equally secured himself and his country very well. WESTern powers no dey like make anyOne try deDollarize. But wait Ooo, Russia gan sef no well. na dem cause all these deDollarization 7 Likes |
Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by Phred1717: 6:47pm On Apr 05 |
Omo.. Tis one confuse me. 1 Like |
Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by Felabrity: 6:47pm On Apr 05 |
I wish them goodluck I hope the currency no turn to state of naira right now |
Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by STEWpid(f): 6:48pm On Apr 05 |
Chai.. Dollarization of the Zimbabwean economy. Lobartorn!! Dollar has been sucking many African economies!! This is Ewu Gambian situation. 1 Like |
Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by CCIA: 6:48pm On Apr 05 |
Dangote fit bail that country out anytime anyday. how can a whole country be backed by only $100 million cash and $185 million gold reserve making a total of $285 million 5 Likes |
Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by DenreleDave(m): 6:48pm On Apr 05 |
Obj in the mud 2 Likes 1 Share |
Re: Zimbabwe Drops 'battered' Dollar, Introduces Gold-backed 'ZIG' Currency by Phred1717: 6:49pm On Apr 05 |
What's the difference between the gold n gun... All na G 1 Like |
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