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Zimbabwe economy: New gold backed currency replaces local dollar

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Zimbabwe is replacing its collapsing local currency with a new one backed by gold and foreign currencies that it hopes will be more stable and help bring down inflation, the central bank said on Friday. The Southern African country relaunched its own currency in 2019 after a decade of dollarisation, but it struggled to win public trust and more than 80% of domestic transactions are now conducted in foreign currency.

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#ZimbabweEconomy #GoldBackedCurrency #ZimbabweCurrency #EconomicPolicy #MonetaryReform #GoldStandard #FinancialNews #ZimDollar
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World
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Al Jazeera, Al Jazeera English, Al Jazeera Latest
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