Zimbabwe Introduces New ‘Gold’ Currency to Replace Dollar

Zimbabwe has recently implemented a new national currency called Zimb Gold (ZiG) in an effort to stabilize the economy and combat the devaluation of the local dollar.

The currency will be backed by gold and foreign currency reserves, according to the country’s Reserve Bank governor.

The central bank will also introduce a market-determined exchange rate. These measures are expected to have an impact on inflation, which has been on the rise in Zimbabwe.

Additionally, the government has appealed to the United Nations for $2 billion in aid to address food insecurity, as severe droughts are expected to leave millions of people without food this year. This move comes after the introduction of a gold-backed digital currency by the Reserve Bank of Zimbabwe last year.