Zimbabwe Introduces New Gold Backed Currency ‘ZiG’ Amidst Economic Crisis

Central Bank Governor John Mushayavanhu unveiled the new currency at a press conference in Harare on Friday, revealing that ZiG will be backed by a basket of foreign currencies, gold, and other precious metals. The official launch of ZiG is scheduled for April 8, with an introductory exchange rate set at 13.56 ZiG per dollar and an initial interest rate of 20%.

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