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Zimbabwe Launches New Gold-backed Currency Launches New Gold-backed Currency
Manage episode 413118356 series 3174974
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Zimbabwe has introduced a new gold-backed currency called ZiG - the name stands for Zimbabwe Gold". Central bank governor John Mushayavanhu said the ZiG would be structured and set at a market-determined exchange rate. The ZiG replaces the Zimbabwean dollar, the RTGS, which had lost three-quarters of its value so far this year. Zimbabweans have 21 days to exchange old, inflation-hit notes for the new currency. Mr Mushayavanhu said the new currency was being rolled out with immediate effect and banks must convert current Zimbabwe dollar balances to the ZiG.
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