Zimbabwe’s gold-backed currency loses half its value: Why and what’s next?
Zimbabwe’s gold-backed currency loses half its value: Why and what…
Oct 24, 2024
ALJAZEERAAl Jazeera Staff
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#FPReels: Zimbabwe's central bank has introduced a new currency backed by gold. The step has been taken to tackle sky-high inflation and stabilise the country's weakening economy. The new currency has been named Zim Gold (ZiG), which will be backed by gold, precious minerals and foreign currencies. The new currency would circulate alongside other foreign currencies. Citizens of Zimbabwe have 21 days to convert their old cash into new currency. The move comes after the Zimbabwean dollar lost near
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Zimbabwe’s international currency code is now ZWG, after the introduction of the ZiG in April. The codes ZWL and ZWG will run concurrently from June 25, 2024, to August 31 2024 when the ZWL code is set to expire. | ZANU PF Party
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