Zimbabwe said to devalue new ZiG currency 44% against USD: report

Zimbabwe is said to have devalued its new gold-backed ZiG currency by 44% against the US dollar, Bloomberg News reported on Friday, citing four treasury dealers.

ZiG, which stands for Zimbabwe Gold and started trading in April this year, had moved to 25 per dollar from 14, the report added, citing a separate confirmation from Bankers Association of Zimbabwe President Lawrence Nyazema.