> Let's Forward this Post Everywhere ❕ *The International Monetary Fund (IMF) says it would like to see Zimbabwe’s new currency, the ZiG, fully established as the country’s national currency* https://whatsapp.com/channel/0029VaDkMuTFCCoNC13vvo2V _*©Eragon Online News*_ *_(Follow this channel to read more...)_* *Group Link:* https://chat.whatsapp.com/CDyzvhE1ey5H89lorhyIvn The ZiG, short for Zimbabwe Gold, was introduced in April 2024 to replace the Zimbabwean dollar following a series of currency crashes. It marks the sixth attempt since 2009 to stabilise the country’s monetary system with a local currency, but success remains elusive. The IMF is currently assessing whether to place Zimbabwe under a staff-monitored programme (SMP), a form of technical assistance that could pave the way for future financial support. Wojciech Maliszewski, the IMF’s mission chief to Zimbabwe, who is currently in the country reviewing its request for an SMP, said several reforms would be necessary to build confidence in the ZiG. Among them, he stressed the need to deepen the foreign exchange market to allow proper price discovery. Zimbabwe’s last SMP ended abruptly in 2019 after the central bank resumed money printing, a move that contributed to the collapse of the then-local currency. Speaking to reporters on Monday after meeting President Emmerson Mnangagwa in Harare, Maliszewski said: Right now we see good stability in the official market and we also see a convergence between the parallel and official rate. Ideally, we would like to see an elimination of this gap, we would like to see one exchange rate. Despite efforts to stabilise the economy, the ZiG’s 43% devaluation in September, aimed at narrowing the gap between the official and parallel exchange rates, along with its limited convertibility, has led many Zimbabweans to continue favouring the US dollar. On Tuesday, the ZiG held steady at 26.96 per dollar on the official market, while trading between 32 and 35 on the parallel market. Maliszewski said that the Fund is not pushing for further currency depreciation, but rather for the convergence of the official and unofficial exchange rates. At last month’s African Development Bank annual meetings, Finance Minister Mthuli Ncube said the staff-monitored programme is expected to be finalised by the end of June. More: Bloomberg