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.
