Ray Ndlovu

Zimbabwe‘s economic fortunes are looking up, despite the nation having to contend with a crippling drought and being shunned by capital markets since a 1999 debt default, Finance Minister Mthuli Ncube said.

Bulawayo’s mayor warns that the crisis may spark an exodus of residents.

Zimbabwe wants its gold-backed currency to float freely on the foreign exchange market, the central bank’s deputy governor said, though he declined to spell out when this would happen.

Zimbabwe will resume talks with creditors later this month to restructure $21 billion in external debt as it seeks to exit a default that’s kept it locked out of international capital markets since 1999.

Zimbabwe’s gold-backed currency, which has been battered on foreign exchange markets since its April debut, rose against the dollar for a second day on the back of tighter monetary policy.

Zimbabwe’s gold-backed currency posted its first gain in more than two weeks, suggesting that tighter monetary policy is working the central bank said.

Zimbabwe’s ruling party passed a resolution to adopt the bullion-backed ZiG currency as the country’s sole legal tender and phase out the use of US dollars.

Zimbabwe President Emmerson Mnangagwa declined an offer by the ruling party to extend his term of office by two years until 2030.

Zimbabwe’s monthly inflation rate surged after a steep devaluation of its gold-backed currency stoked prices.

Elon Musk’s Starlink terminals sold out in Zimbabwe’s capital of Harare, less than two months after receiving permission from authorities to operate in the southern African nation.