Trepidation as Zimbabwe's new gold-backed currency starts circulating
Zimbabwe YESTERDAY introduced a new gold-backed currency called ZiG, which stands for Zimbabwe Gold. Central Bank Governor, John Mushayavanhu said the ZiG would be structured and set at a market-determined exchange rate. This is the latest attempt to try to stabilise an economy that has lurched from crisis to crisis for the past 25 years. The currency replaces a Zimbabwean dollar that has lost three-quarters of its value so far this year. Zimbabweans have 21 days to exchange old, inflation-hit notes for the new currency. Sebenzile Nkambule spoke to Takunda Mugaga, Chief Executive Officer at the Zimbabwe National Chamber of Commerce ..
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