Prices gallop as ZiG loses grip

PRICES of basic commodities have risen sharply as the recently launched Zimbabwe Gold (ZiG now ZWG) currency stutters in a United States dollar-dominated market, with shops now preferring to charge their goods exclusively in foreign currency.

The Reserve Bank of Zimbabwe (RBZ) launched the ZWG trading at 13,56 to the US dollar on April 5 this year before it shed 0,8% in May.

While monetary authorities have painted a rosy picture on the new currency, the shortages of the ZWG notes have since forced retailers to charge their prices in US dollars.

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