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Published 1 month ago

Zimbabwe introduces new gold-backed currency to tackle inflation

  • The Reserve Bank of Zimbabwe launched a new currency called ZiG, backed by gold reserves and foreign currencies.
  • The Zimbabwe dollar has faced significant devaluation, reaching 30,000 against the US dollar officially and 40,000 on the black market.
  • Inflation in Zimbabwe has spiked, with rates increasing from 26.5% to 55.3% within a few months.
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