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Zimbabwe launches new gold-backed currency - ZiG
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| Contributor | IndyGeorgia |
| Last Edited | IndyGeorgia Apr 11, 2024 05:39pm |
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| Category | News |
| Author | Shingai Nyoka |
| News Date | Friday, April 5, 2024 06:00:00 PM UTC0:0 |
| Description | 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.
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.
Zimbabweans have 21 days to exchange old, inflation-hit notes for the new currency. |
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