The International Monetary Fund wants Zimbabwe to use its new ZiG currency everywhere across the country. Mission chief Wojciech Maliszewski leads talks about a monitoring program that could help fix the nation's money problems. Officials hope the agreement will help solve 21 billion dollars worth of debt that Zimbabwe owes other countries. The ZiG replaced the old Zimbabwean dollar after it collapsed during 2009. Gold reserves back the new money but many people still prefer American dollars for daily business.
Exchange rates show improvement between official and black market trading. The ZiG trades at about 27 per dollar through government banks. Street dealers sell the currency for around 32 to 35 per dollar which creates pricing gaps. Maliszewski said market forces should determine the final exchange rate rather than government controls. Finance Minister Mthuli Ncube expects to complete the monitoring program before June ends.
Exchange rates show improvement between official and black market trading. The ZiG trades at about 27 per dollar through government banks. Street dealers sell the currency for around 32 to 35 per dollar which creates pricing gaps. Maliszewski said market forces should determine the final exchange rate rather than government controls. Finance Minister Mthuli Ncube expects to complete the monitoring program before June ends.
