Zimbabwe launched the gold-backed currency

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Date: April 5, 2024

Zimbabwe has decided to replace its struggling local currency with a new one backed by gold and foreign currencies in an effort to stabilize its economy and combat inflation.
The country reintroduced its own currency in 2019 after a period of dollarization, but it failed to gain public trust, with over 80% of transactions now conducted in foreign currency.
The new currency, named Zimbabwe Gold (ZiG), will circulate alongside other foreign currencies.
The exchange rate for ZiG will be determined by the closing interbank exchange rate on April 5 and the London PM Fix price of gold on April 4.
The Reserve Bank of Zimbabwe described the new currency as "structured," backed by a combination of foreign currency and precious metals, primarily gold, held as reserves by the central bank.
"If we implement these measures, we expect them to have an impact on inflation," central bank governor John Mushayavanhu told reporters.

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