Zimbabwe launches new gold-backed currency

Zimbabwe launches new gold-backed currency

Daily Current Affairs   /   Zimbabwe launches new gold-backed currency

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Category : Business and economics Published on: April 11 2024

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  • 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.
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