Zimbabwe Rolls Out New Gold-Backed Currency to Tackle Economic Turmoil | Firstpost Unpacked

Zimbabwe Rolls Out New Gold-Backed Currency to Tackle Economic Turmoil | Firstpost Unpacked
Zimbabwe has launched ZiG, a new gold-backed currency, aiming to stabilise its economy amidst decades of tu rmoil. The ZiG will replace the Zimbabwean dollar, which lost three-quarters of its value this year. Meanwhile, the country saw a 55% inflation peak in March this year. The Reserve Bank of Zimbabwe Governor John Mushayavanhu says that a structured approach with a market-determined exchange rate will help stabilise the new currency. Zimbabweans have 21 days to exchange old notes. However, the US dollar, used in 85% of transactions in the country, still remains legal tender. ZiG banknotes range from 1 to 200 denominations.
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[@benji9639]

Good luck to Zimbabwe. Wishing you all success from 🇳🇬

[@bradleyh1964]

Well done, Zimbabwe, for backing your currency with real money. Not like the Fiat USD that is backed by promises and pie in the sky 😅😅

[@MelahEagle]

I think africa should be more like this❤love you africa🇨🇦

[@user-lw4xw5jz9z]

Well done Zimbabwe. Why when Africa want to do what is good for Africa, it always becomes a threat to the West? The old ways aren't working for Africa, it's time to do things differently. Let's go Africa.

[@rustyshackleford2719]

Zimbabwe's hyperinflations have been known worldwide. Good for them and their leadership for putting forth a real solution for their people.

[@noxolotshabalala3509]

Rooting for them - You go guys - all the best - hope this works for you.

[@Marysmmiiith]

Congratulations to Zimbabwe, hope it all goes well with the Zig 🇿🇦🇿🇦

[@mckane4420]

Africa is land of strong and powerful leaders…God bless Zimbabwe and its leader…Almighty protect this leader from the evil designs of west …

[@kamaliahabubakar6125]

Bravo Zimbabwe!

[@jessepage1061]

Every African country should follow suit

[@ssemwangaremmy7998]

Whoever the engineer of intro graphics,animation is, needs great applause... They are a genius,it just attracted me to watch more of yo content.

[@Atanganacatherine1118]

Well done Zimbabwe

[@falisaasberry6491]

Standing with Zimbabwe, and praying this is the change needed for advancement 😉

[@srikandiwarion1422]

Great first step to the brighter future ahead has been conducted, Well done Zimbabwe!! Gold is the only way to stabilise the Nation and the world's Finance. Bravo!!!👏👏👏👏💜💜💜💜💥💥💥💥

[@MathesonMcDavid]

People dont understand that the prices of things are never going back down. This inflation is deeper than we think. Those buying groceries are well aware that the real inflation is much over 10%. The increments dont match our income, yet certain investors still earn over $365,000 in stocks and assets. Wish I could accomplish that.

[@f6876]

I’m rooting for Zimbabwe ❤

[@WediTesfay448]

Good luck zimbabwe i hope It works good Love From Eritrea 😊😊😊

[@andyc9902]

For the sake of zim hope it works out

[@pajewlz5825]

that is a smart move since gold is only going to go up in USD

[@michaoginski6220]

Democracy, Bring them democracy USA