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International Business Times
International Business Times
Business
Mary TARUVINGA

FOUND: Zimbabwe launches new gold backed currency | Mind Blowing Facts

Most Zimbabweans prefer to do business, get paid and hold their savings in US dollars (Credit: AFP)

Zimbabwe's central bank launched a new "structured currency" backed by gold on Friday, as it seeks to tackle sky-high inflation and stabilise the country's long-floundering economy.

The ZiG -- short for Zimbabwe Gold -- will replace the Zimbabwean dollar which has tumbled in value over the past year, pushing inflation through the roof, Reserve Bank governor John Mushayavanhu said.

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