Zimbabwe’s central bank launched a new “structured currency” backed by gold on Friday, as it seeks to tackle sky-high inflation and stabilise the country’s long-floundering economy.
The ZiG – short for Zimbabwe Gold – will replace the Zimbabwean dollar which has tumbled in value over the past year pushing inflation through the roof, Reserve Bank governor John Mushayavanhu said.
“With effect from today… banks shall convert the current Zimbabwe dollar balances into the new currency,” he said presenting a monetary policy statement.
