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Zimbabwe Has $370 Million in Reserves to Back Currency: Mail

ZiG banknotes.Photographer: Cynthia R Matonhodze/Bloomberg

ZiG banknotes.Photographer: Cynthia R Matonhodze/Bloomberg

Cash and mineral reserves backing Zimbabwe’s new currency have risen to approximately $370 million from $285 million over the past three months, the state-run Sunday Mail reported citing central bank governor John Mushayavanhu.

The increase in currency and mineral reserves provides a strong “buffer” for the Zimbabwe Gold, or ZiG, against external forces, according to the report.

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Author: Editors Desk, Godfrey Marawanyika

Source: Bloomberg

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