Zimbabwe Replaces Battered Dollar With New Gold-Backed Currency Called ZiG
- Central bank Governor John Mushayavanhu took over on March 28
- Says central bank won’t print money ‘under my watch’
This article is for subscribers only.
Zimbabwe, in its latest bid to end the serial slide of the local dollar, has replaced it with a new unit called the ZiG backed by a basket of foreign currency and gold.
Central Bank Governor John Mushayavanhu told a press conference in Harare, the capital, on Friday, that the ZiG — short for Zimbabwe Gold — would be launched on April 8 at an introductory level of 13.56 per dollar and a new interest rate set at 20%.