The Reserve Bank of Zimbabwe (RBZ) has devalued the Zimbabwe Gold (Zig) by 44%, causing the currency to plummet from 13.98 to 24.3 against the U.S. dollar. This drastic move addresses rising exchange rate volatility and inflationary pressures that have plagued the economy since August. According to RBZ Governor John Mushayavanhu, the decision was necessary due to the resurgence in exchange rate pressures and rising inflation. Despite increased foreign currency inflows, the parallel market exchange rate has continued to spiral out of control, with the gold-backed Zig trading at a premium of over 100%. The Monetary Policy Committee (MPC) has taken several measures to combat these challenges, including raising the bank policy rate from 20% to 35%. The committee also increased the statutory reserve requirements for demand and call deposits to 30%. Foreign exchange allowance has been reduced from US$10,000 to US$2,000 per individual.

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