Zimbabwe has replaced its collapsing local dollar with a new unit called ZiG, which will be backed by foreign currencies, gold, and other precious metals. The new currency aims to establish a solid and stable national currency in the country.
Zimbabwe , in its latest bid to end the serial collapse of the local dollar , has replaced it with a new unit called ZiG, which will be backed by a basket of foreign currencies , gold and other precious metals .
The sweeping move is Zimbabwe’s sixth attempt to have a functional local currency since 2008, when inflation crossed 500 billion percent, according to International Monetary Fund estimates, rendering it worthless. The plunging currency has led to more than 80% of transactions being done in dollars and inflation quickening to 55.3% in March from 47.6% the prior month.
President Emmerson Mnangagwa first hinted in February that his government will introduce a “structured currency.”
Zimbabwe Currency Zig Local Dollar Collapse Foreign Currencies Gold Precious Metals Stable Inflation
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