ZIMBABWE, Africa’s leading lithium producer, is intensifying efforts to refine battery-grade lithium domestically, aiming to strengthen its economy. According to a government official on Monday, four prominent lithium mining companies have presented proposals to commence production of battery-grade lithium within the country. The move comes as Zimbabwe aims to capitalise on its significant lithium reserves, among … Read more
IN a bid to stabilise its newly introduced gold-backed currency, the Zimbabwe Gold (ZiG), Zimbabwean authorities have announced fines for businesses found using inflated exchange rates. Reuters cites a government notice that says any business using an exchange rate higher than the official rate of 13.5 ZiG per US dollar will face a fine of 200,000 ZiG ($14,815). The notice, … Read more
ZIMBABWE’S latest currency, the Zimbabwe Gold (ZiG), has made an impressive debut, marking a 1.1 percent increase against the US dollar within its first week of trading. This development comes amidst heightened global tensions, propelling gold prices upwards and fostering investor interest in safe-haven assets. ‘The launch of ZiG has been met with enthusiasm in the … Read more
ON Saturday, major retail shops in Zimbabwe began trading predominantly in United States dollars as financial institutions suspended the use of the outgoing Zimbabwean dollar (ZWL) in anticipation of the new Zimbabwe Gold (ZiG) currency introduced on Friday. At Westgate Shopping Mall, located northwest of the city centre, workers informed Xinhua news agency reporters that they were … Read more
ZIMBABWE unveiled a new currency, ZiG, on Friday in a strategic move to confront the country’s persistent economic challenges marked by currency depreciation and rejection. Reserve Bank of Zimbabwe Governor John Mushayavanhu announced the launch of ZiG, backed by gold reserves and a basket of foreign currencies, with implementation scheduled to commence on Monday. The introduction of … Read more
ZIMBABWE’S central bank has disclosed a notable gold reserve of 2.5 tons, setting the stage for the introduction of a gold-backed currency amid ongoing economic reforms. The announcement, made on Thursday, underscores the government’s efforts to stabilise the country’s monetary system. John Mushayakarara, the newly appointed governor of the Reserve Bank of Zimbabwe, conveyed optimism … Read more
IN a bid to capitalize on the recent termination of broader US sanctions on Zimbabwe, businesses in the southern African nation are being urged to actively seek cooperation opportunities with international partners. Zimbabwe’s Minister of Foreign Affairs and International Trade, Frederick Shava, made the call during the opening of the Zimbabwe-US Business Forum held in Harare … Read more