Zimbabwe has replaced its collapsed local dollar with a new gold-backed currency, the latest move by President Emmerson Mnangagwa’s government to tackle decades of monetary chaos.
John Mushayavanhu, governor of the troubled southern African nation’s central bank, admitted on Friday that money printing had wrecked the five-year-old Zimbabwe dollar as he launched the ZiG, its replacement.
The ZiG, which stands for Zimbabwe Gold, will have an initial value of 13.56 to the US dollar, Mushayavanhu said, after the former currency lost over three-quarters of its value this year alone to trade at Z$36,000 to the dollar.
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