Africa – 08 April 2024
AFRICA
- Zimbabwe, in its latest bid to end the serial slide of the local dollar, has replaced it with a new unit called the ZiG backed by a basket of foreign currency and gold. Central Bank Governor John Mushayavanhu told a press conference in Harare, the capital, that the ZiG — short for Zimbabwe Gold — would be launched on April 8 at an introductory level of 13.56 per dollar and a new interest rate set at 20%. That compares with the 130% on the old unit, which was the highest central bank rate in the world. Banks will immediately convert current Zimbabwean dollar balances into ZiG, he said. (Source)
- The World Bank and Ethiopia have signed loan agreements totalling $1.72-billion to enhance electricity and water supply, as well as to facilitate the movement of food to markets, the finance ministry said. The bank will allocate $523-million to expand the Horn of Africa nation’s electricity network and boost renewable energy generation, according to the ministry’s statement. (Source)
