Zimbabwe Launches New Gold-Backed Currency – ZiG

Zimbabwe has launched a new gold-backed currency called ZiG in an effort to stabilize its economy, which has been plagued by crises for the past 25 years. The introduction of ZiG aims to combat escalating inflation and restore stability, with the new banknotes available in denominations ranging from 1 to 200. Despite the introduction of ZiG, the US dollar will continue to be recognized as legal tender, accounting for 85% of transactions in the country. The new currency will be backed by precious minerals, predominantly gold, and foreign exchange to ensure its stability and prevent devaluation. The successful implementation and management of the new currency will be closely monitored as Zimbabwe embarks on this significant monetary reform.