Zimbabwe says new gold-backed currency now the official unit
ZIMBABWE'S treasury said that the newly introduced gold-backed currency is the official unit of exchange for transactions and that it would soon introduce regulations to ensure businesses stick to the official rate. Although it has remained stable on the official market since its launch in early April, the Zimbabwe Gold (ZiG) has been off to a nervy start on the parallel market, with traders charging a premium of 65% to the official rate to obtain dollars. Some supermarkets are also charging a premium above the market rate, which is set at ZiG 13.6 per U.S. dollar, for customers paying in…