By A Correspondent

Supporters of President Emmerson Mnangagwa’s Zanu PF party are attempting to paint a rosy picture of the embattled Zimbabwe Gold (ZiG) currency, claiming it is making gains against the US dollar despite ongoing challenges.

A Zanu PF official confidently stated, “MONETARY policy measures to contain the exchange rate are paying off as the local currency, the Zimbabwe Gold (ZiG), has recorded an over 10 percent gain to the United States Dollar (USD) since the beginning of November.”

According to data from the Reserve Bank of Zimbabwe’s Interbank foreign exchange market, the ZiG currency has strengthened from Z$28.6829 per USD on November 1 to Z$25.5893 per dollar by the close of business on Friday, reflecting an 11 percent gain.

“This trend is the result of interventions by monetary authorities, who have injected hard currency into the market to support import requirements for industry and commerce,” a government source revealed. The source added that these interventions were coupled with a hike in the bank rate, aimed at stabilizing the exchange rate.