Currencies
Zimbabwe’s ZiG Wipes Out 330% Stocks Rally
- Volume of trades and value of transactions have also plunged
- Regulator says most capital-market participants moved to ZiG
Zimbabwe’s new currency has wiped out a gain of more than 330% on the stock market this year, leaving investors dealing with the fallout.
The ZiG, short for Zimbabwe Gold, was launched on April 5 and succeeded the Zimbabwean dollar, which had lost 80% of its value this year. The new currency has so far gained more than 2% against the US dollar since its debut.