Zig Looking Good !?!
Zig is something I have blogged about in the past when it was first introduced and I believe @buggedout has mentioned it a couple of times.
In case you haven't heard of it before, it's a new gold backed currency that was introduced in Zimbabwe a couple months ago in an effort to uplift their economy from the shitter and combat the raging inflation.
The Zimbabwe Gold (ZiG; code: ZWG) has been the official currency of Zimbabwe since 8 April 2024, backed by US$575 million worth of hard assets: foreign currencies, gold, and other precious metals. It replaced the Zimbabwean dollar, which suffered from rapid depreciation, with the official exchange rate surpassing 30,000 Zimbabwean dollars per U.S. dollar on 5 April 2024, whilst the parallel market rate reached 40,000 per U.S. dollar. Annual inflation in Zimbabwe hit 55.3% in March 2024.Wikipedia
Fast forward a week ago and the IMF published a positive report about it and its impact on the country's stability.
The main key points of the report were:
- It has helped stabilize the Zimbabwean economy after a period of instability earlier this year.
- Inflation is expected to be around 7% for the rest of the year, significantly improved compared to the numbers experienced by previous Zimbabwean dollar.
- Economic growth is projected to slow down to 2% in 2024 due to drought but is expected to rebound to 6% in 2025.
Tldr, a positive and mildly optimistic report with the IMF emphasizing the need for continued discipline and policy improvements.
You can read more on the story on Bloomberg. Here's a no-paywall link
I guess the zig experiment been successful? Dunno it's probably too early to be definitive. But they probably are better, or less worse, with zig than the old toilet paper they had for currency 😂
Now all I need is a few countries adopting the silver standard and I can retire early in my silver stack 🤫😂
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Funny how having gold back up a currency makes it worth more than toilet paper?
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Notice the "same" Face Values on their Notes that will be on U.S. Gold Coins...
All I see is a rock sir
Perhaps we can start using Rocks as our New Monetary Tools... We just put Numbers on them...
It’s too early to tell, we need a3-5 year sample to look at before determining it success.
You need more German silver first…..🤣
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Stop being a negative Nancy
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It's pretty cool Zimbabwe's trying out a gold-backed currency. The IMF's report looks promising, but let's see how it holds up long-term.
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Is there a currency backed by tacos?
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Your poop?
Hmmm
So the currency change can help a country.
My country did theirs some years back.
Was a very stupidly funny joke😂😭
😅😂
Should try to exchange them no longer in circulation high inflation notes for gold 🤣 !DOOK !PIMP !LOL
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Well, I think it's better that it's back by something. It does reassure people and that helps the currency get back on track.
It's great to see a country get their financial situation bettered after being completely destroyed.
Until they storm the vaults and steal the gold.
Can happen with anything so a moot point
Have no idea about Zig as my knowledge is really limited when it comes to financial stuff but those banknotes look lovely! I really enjoy seeing so much colour on things we pay with!
They are kinda cute that's true lol
this is a wise step from the Zimbabwe government 👍
So far it's going well apparently
What do you think? !LOL
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Ha! I fucking love it 😂😂😂
💪👍😍 Yay!
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In communist countries, the banknotes stated that they were backed by the labour of the people. But in practice it didn't matter what it said. Nobody believed it anyway.
I don't think anyone will believe in a solid currency in Zimbabwe either.
Very interesting. Especially the comments from the IMF. No surprise they'd be keen on anything austerity related but endorsing sound money is another thing altogether...