The ZiG: Zimbabwe rolls out world’s newest currency. Here’s what to knowFinanceThe ZiG: Zimbabwe rolls out world’s newest currency. Here’s what to know

The ZiG: Zimbabwe rolls out world’s newest currency. Here’s what to know

Last month, Zimbabwe rolled out a new gold-backed currency called the ZiG, or Zimbabwe Gold, in an effort to mitigate the currency instability and hyperinflation that has plagued the country for decades.

The country is “recalibrating its monetary policy framework to re-anchor price and exchange rate stability and to boost confidence in the local currency,” Zimbabwe’s central bank said in a statement.

Having a stable currency is paramount for an economic recovery in Zimbabwe, experts say. The World Bank notes that the country continues to grapple with fraught economic conditions as “macroeconomic volatility fueled by monetary instability and substantial exchange rate distortions keeps Zimbabwe’s economic activity below its potential.”

Source: WORLD ECONOMIC FORUM

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