Zimbabwe launches new gold-backed currency

Zimbabwe launches new gold-backed currency

Daily Current Affairs / Zimbabwe launches new gold-backed currency

Change Language English Hindi

Category : Business and economics Published on: April 11 2024

Share on facebook

Zimbabwe has introduced a new gold-backed currency called ZiG (Zimbabwe Gold) as an attempt to stabilize its economy, which has faced continuous crises over the past 25 years.
The new currency replaces the Zimbabwean dollar, RTGS, which had experienced significant devaluation, with annual inflation reaching 55% in March, the highest in seven months.
The ZiG banknotes come in various denominations ranging from 1 to 200, and coins will also be introduced to address the shortage of US coins, which has led to unusual practices such as giving change in sweets, chocolates, and pens.
The central bank governor has committed to ensuring that the new currency is backed by equivalent value in precious minerals, primarily gold, or foreign exchange to prevent devaluation issues encountered by previous currencies like the bond note.

Recent Post's

Mauritius awarded its highest honor, ‘Order of the Star and Key of the Indian Ocean,’ to PM Modi.
Read More....
The government will establish daycare cancer centers in every district within three years.
Read More....
According to the second advance estimates of the Ministry of Agriculture, India achieved a record food grain production in the 2024-25 session, with Kharif at 16.6391 million tonnes and Rabi (excluding summer crops) at 16.4527 million tonnes.
Read More....
India signed an MoU with Armenia for cooperation in the regulation of medical products.
Read More....
The joint military exercise Khandjar-XII between the special forces of India and Kyrgyzstan began in Tokmok, Kyrgyzstan, and will be held from March 10 to 23, 2025.
Read More....
Dr. Jaishree Venkatesan became the first Indian to win the prestigious Ramsar Award in the ‘Wetland Wise Use’ category and was recognized as a female changemaker in wetlands by the Ramsar Secretariat.
Read More....
Self-Help Groups (SHGs) of Andhra Pradesh set four world records—one Guinness and three World Records Union records, with DWCRA members achieving 3 lakh orders worth ₹5.13 crore in a week on ONDC.
Read More....
Union Health Minister J.P. Nadda inaugurated the third International Symposium on Health Technology Assessment (ISHTA 2025) at Bharat Mandapam, organized by the Department of Health Research in collaboration with WHO India and the Centre for Global Development.
Read More....
No Smoking Day is observed every year on the second Wednesday of March.
Read More....
Mumbai will host the WAVES 2025 Summit, with a high-level meeting co-chaired by the Chief Secretary of Maharashtra and the Secretary of the Ministry of Information and Broadcasting.
Read More....