Zimbabwe launches new gold-backed currency – called ZiG

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Zimbabwe has introduced a new gold-backed currency called ZiG – the name stands for “Zimbabwe Gold”.

It is the latest attempt to stabilise an economy that has lurched from crisis to crisis for the past 25 years.

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Unveiling the new notes, central bank governor John Mushayavanhu said the ZiG would be structured, and set at a market-determined exchange rate.

The ZiG replaces a Zimbabwean dollar, the RTGS, that had lost three-quarters of its value so far this year.

Annual inflation in March reached 55% – a seven-month high.

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Zimbabweans have 21 days to exchange old, inflation-hit notes for the new currency.

https://www.bbc.com/news/world-africa-68736155


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