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Zimbabwe Rolls Out New Gold-Backed Currency to Tackle Economic Turmoil | Firstpost Unpacked

Zimbabwe Rolls Out New Gold-Backed Currency to Tackle Economic Turmoil | Firstpost Unpacked Zimbabwe has launched ZiG, a new gold-backed currency, aiming to stabilise its economy amidst decades of tu rmoil. The ZiG will replace the Zimbabwean dollar, which lost three-quarters of its value this year. Meanwhile, the country saw a 55% inflation peak in March this year. The Reserve Bank of Zimbabwe Governor John Mushayavanhu says that a structured approach with a market-determined exchange rate will help stabilise the new currency. Zimbabweans have 21 days to exchange old notes. However, the US dollar, used in 85% of transactions in the country, still remains legal tender. ZiG banknotes range from 1 to 200 denominations. --- Zimbabwe | New Currency | Gold-Backed Money | Zimbabwe Dollar | Economy | Firstpost | News Live | World News | Latest News | Global News | International News | News | Trending News #zimbabwe #newcurrency #goldbackedmoney #zimbabwedollar #economy #firstpost #newslive #worldnews #latestnews #globalnews #news #internationalnews #trendingnews Firstpost is an Indian news and media website. Get all the incisive opinions, in-depth analyses and other visual stories that matter to you and the world right here on this channel. Subscribe to Firstpost channel and press the bell icon to get notified when we go live.    / @firstpost   Follow Firstpost on Instagram:   / firstpost   Follow Firstpost on Facebook:   / firstpostin   Follow Firstpost on Twitter:   / firstpost   Follow Firstpost on WhatsApp: https://www.whatsapp.com/channel/0029...