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- Title
ZIMBABWE: New Currency Unveiled.
- Abstract
Zimbabwe's central bank has launched a new currency called the Zimbabwe Gold (ZiG), which is backed by gold reserves, in an effort to stabilize the country's struggling economy and combat high inflation. The new currency will replace the Zimbabwean dollar, which has lost almost 100% of its value against the US dollar in the past year. The ZiG will be fully anchored and backed by a basket of reserves, including foreign currency and precious metals, mainly gold. However, some analysts have raised concerns about whether Zimbabwe has enough reserves to adequately support the new currency.
- Subjects
ZIMBABWE; INTEREST rates; BANK notes; OPEN market operations; HARD currencies; U.S. dollar; GOLD coins; GOLD sales &; prices; INTERBANK market
- Publication
Africa Research Bulletin: Economic, Financial & Technical Series, 2024, Vol 61, Issue 3, p24674C
- ISSN
2053-227X
- Publication type
Article
- DOI
10.1111/j.1467-6346.2024.11585.x