Zimbabwe devalues ​​gold-backed currency by 44%

The Reserve Bank of Zimbabwe (RBZ) devalued Zimbabwean gold (Zig) by 44%, causing the currency to fall from 13.98 to 24.3 against the US dollar. The drastic move addresses rising exchange rate volatility and inflationary pressures that have plagued the economy since August. According to RBZ Governor John Mushayavanhu, the decision was necessary (…)