Zimbabwe rules out intervention as ZiG hits record low against dollarZimbabwe’s gold-backed currency weakened to a record low against the dollar, as the nation’s monetary authorities ruled out the need for intervention to support it. The ZiG, short for Zimbabwe Gold, weakened 0.5% to 13.76 per dollar on Thursday, its biggest single-day drop since the unit was launched three months ago, according to data posted on the central bank’s website. That brings the currency’s cumulative loss to 1.5% since it debuted at 13.56 per dollar in April. The central bank views the latest decline as part of normal currency fluctuations and sees no need to intervene in the market, said Deputy Governor Innocent Matshe. Read more
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