Zimbabwe Launches New Gold-Backed Currency to Halt Inflation and Currency Crisis
• Zimbabwe launches new currency called ZiG to replace previous currency battered by depreciation and inflation • ZiG anchored to gold reserves and basket of foreign currencies, aims to halt currency crisis • Zimbabwe dollar lost over 70% value this year, inflation rose from 26.5% to 55.3% • Traders increasingly rejecting old currency, insisting on US dollars which are also legal tender • People have 3 weeks to exchange old notes for new ZiG currency