Zimbabwe Introduces ZiG, Gold-Backed Currency Supported by Central Bank Reserves, Welcomed by IMF

May 23, 2024, 01:20 PM

Zimbabwe has introduced a new gold-backed currency, the ZiG, which is supported by the country's central bank gold reserves. The move aims to stabilize the economy by tying the currency to hard assets rather than speculative value. The Zimbabwean government has called on gold miners to increase output to further support the new currency. The International Monetary Fund (IMF) has welcomed this development as a positive step. The value of Zimbabwe's gold reserves is also being boosted by the rising price of gold.