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Zimbabwe says new gold-backed currency now the official unit

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…
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Tunisian cabinet approves bill allowing the central bank to finance the treasury

Tunisian cabinet approves bill allowing the central bank to finance the treasury

THE Tunisian cabinet approved a controversial bill allowing the central bank to finance the treasury, in a move aimed at financing the budget deficit but which reinforced fears over the bank's independence. Last year, President Kais Saied said the law must be reviewed to allow the central bank to finance the budget directly by buying state bonds, a step bank governor Marouan Abassi has warned against. Economists believe the bill's approval by the cabinet enhances speculation the governor, who has headed the bank for six years, will leave the post next month at the end of his first term. Critics of the…
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