Zimbabwe Rolls Out New Gold-Backed Currency to Tackle Economic Turmoil | Firstpost Unpacked

Zimbabwe Rolls Out New Gold-Backed Currency to Tackle Economic Turmoil | Firstpost Unpacked

Zimbabwe has launched ZiG, a new gold-backed currency, aiming to stabilise its economy amidst decades of tu rmoil. The ZiG will replace the Zimbabwean dollar, which lost three-quarters of its value this year. Meanwhile, the country saw a 55% inflation peak in March this year. The Reserve Bank of Zimbabwe Governor John Mushayavanhu says that a structured approach with a market-determined exchange rate will help stabilise the new currency. Zimbabweans have 21 days to exchange old notes. However, the US dollar, used in 85% of transactions in the country, still remains legal tender. ZiG banknotes range from 1 to 200 denominations.

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