Zimbabwe: a new currency to revive the economy

The Zimbabwean central bank has launched the ZiG, a new national currency backed by reserves, primarily gold, to combat inflation and restore confidence after the collapse of the Zimbabwean dollar. Accounts in Zimbabwean dollars are now being converted to ZiG, and the central bank has reduced its interest rate from 130% to 20% to stimulate the economy. This initiative comes as the local currency has lost almost all its value against the US dollar, leading many Zimbabweans to prefer the dollar for their transactions.