Zimbabwe has launched a new gold-backed currency called ZiG "Zimbabwe Gold".

International

Zimbabwe has launched a new gold-backed currency called ZiG "Zimbabwe Gold". It is the latest attempt to stabilise an economy that has lurched from crisis to crisis for the past 25 years. Unveiling the new notes, central bank governor John Mushayavanhu said the ZiG would be structured, and set at a market-determined exchange rate. The ZiG replaces a Zimbabwean dollar, the RTGS, that had lost three-quarters of its value so far this year. Zimbabweans have 21 days to exchange old, inflation-hit notes for the new currency. The ZiG currency will be introduced at a rate of 13.56 per dollar, along with a new interest rate of 20%, a monumental cut from the previous 130% rate, which stood as the highest central bank rate globally.


      The new ZiG banknotes come in denominations of between 1 and 200.

     

     

 

     


Zimbabwe

Capital- Harare
President- Emmerson Dambudzo Mnangagwa
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