Zimbabwe Launches New Gold-Backed Currency, ZiG, to Stabilize Economy

The Reserve Bank of Zimbabwe introduces the ZiG currency, anchored on gold and foreign currency reserves, in a bid to arrest the nation's economic turmoil.

Zimbabwe's new currency, ZiG, is backed by gold and foreign currency reserves, aiming to provide stability to the nation's economy.
The introduction of ZiG follows a period of severe depreciation of the Zimbabwe dollar, which lost over 70% of its value on the official market since January.
Authorities hope the new currency will curb the rampant inflation, which spiked to 55.3% in March, and restore confidence in the country's financial system.
Citizens have a three-week window to exchange old notes for the new currency, which will be available in eight denominations.
Despite the central bank's claims of sufficient gold reserves to back the new currency, skepticism remains regarding its adequacy and the potential impact of gold price volatility.

Voice of America (VOA News)