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    Josia Shigwedha

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    Josia Shigwedha

Africa

Zimbabwe’s banks caught off guard by new gold-backed currency

today10 April, 2024

Background

The Zimbabwe Gold officially started trading just days after it was announced it would replace the Zimbabwean dollar, which has tumbled in value over the past year, pushing inflation through the roof. But many in the country were not ready for the switch. Eddie Cross an economist from Zimbabwe says even the banks haven’t been fully able to translate their accounting systems.

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    Zimbabwe’s banks caught off guard by new gold-backed currency Tonata Kadhila

Written by: Tonata Kadhila