Zimbabwe’s Gold-Backed Zig Currency Still in Woods As Retailers Insist on Three-Tier Pricing

Zimbabwe’s ZIG currency woes seem to be far from easing as retailers are still insisting on a three-tier pricing system.

Zimbabwe.com reports that using the pricing strategy local retailers offer three different pricing choices for the same product.

Introduced on April 5 2024 as the country’s lasting solution to currency problems, the local unit fared well during the first four months before waning significantly before the end of its six-month lifespan following the widening of parallel market rates which went up.

Saddled with the distortions, the Central Bank intervened and approved a raft of measures which among others included devaluing the local unit by 43% and hiking interest rates to curb speculative borrowing.