Posted 4/8/2024, 12:12:00 PM
Zimbabwe Launches New Gold-Backed Currency to Replace US Dollar
- Zimbabwe has launched a new gold-backed currency called the Zimbabwe Gold (ZiG) to replace the US dollar
- ZiG is valued at around 13.5 to the US dollar. New notes and coins will start circulating this month
- Move aims to prevent local currency from dying, after years of hyperinflation and devaluation
- US dollar still widely used and holds legal status. Expected to remain popular
- Economists warn tying currency to gold does not guarantee stability, as gold itself has fluctuating value
