Emerging-Market Currencies: Why Did Zimbabwe Devalue Its Gold-Backed ZiG?

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It's only been six months but it appears as if Zimbabwe's latest currency experiment is at risk of failure. Almost half the value of the ZiG, short for Zimbabwe Gold, has been wiped out since its debut in early April. The currency weakness, paired with high inflation, and rising interest rates, is all spelling pain for businesses and consumers alike. Bloomberg's Ray Ndlovu reports on Africa Amplified.

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But internet financial and economic advisors told us Gold backed currency is powerful than any other currency. 😢

ritaawudey
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What a mess. Maybe start tinkering with the levers of power rather than messing about with introducing new currencies...

rjhammond
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This seems like the government is negligent or Incompetent or both.

knowthyself
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I predicted when they launched this would fail....when is the world going to BEG for Ian Smith next gen. to come back in????

rekababa
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these countries are not capable of handling a currecny.

htconexify
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Well just follow Argentina's roadmap then. Sack the government employees and then start devalue, first off the wages ?? Until exports break even .

ssuwandi
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My gosh that's hilarious. You can't make this stuff up.

thevisiblehand