Zimbabwe Announces New Currency Called the ZiG, Backed by Gold

Zimbabwe, in its latest bid to end the serial slide of the local dollar, has replaced it with a new unit called the ZiG backed by a basket of foreign currency and gold.

 

  • Central bank Governor John Mushayavanhu took over on March 28
  • Says central bank won’t print money ‘under my watch’
 
John Mushayavanhu holds up a specimen of the new gold backed currency ZiG banknote , in Harare.
John Mushayavanhu holds up a specimen of the new gold backed currency ZiG banknote , in Harare.

Photographer: Cynthia R Matonhodze/Bloomberg

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Zimbabwe, in its latest bid to end the serial slide of the local dollar, has replaced it with a new unit called the ZiG backed by a basket of foreign currency and gold.

Central Bank Governor John Mushayavanhu told a press conference in Harare, the capital, on Friday, that the ZiG — short for Zimbabwe Gold — would be launched on April 8 at an introductory level of 13.56 per dollar and a new interest rate set at 20


Sandra Santeyian

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