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| Version 61 | Version 62 |
|---|---|
| Africa Live: Zimbabwe launches new gold-backed currency - BBC News | |
| (about 2 hours later) | |
| Shingai Nyoka | |
| BBC News, Harare | |
| Zimbabwe has introduced a new gold-backed currency called ZiG. | |
| Central bank governor John Mushayavanhu said the ZiG would be structured and set at a market-determined exchange rate. | |
| ZiG stands for Zimbabwe Gold. | |
| It's the latest attempt to try to stabilise an economy that has lurched from crisis to crisis for the past 25 years. | |
| The US dollar, which accounts for 85% of transactions, will remain legal tender. | |
| The notes come in denominations of 1, 2, 5, 10, 50, 100 and 200, according to local media ZimLive. | |
| Coins will also be introduced to overcome the shortage of US coins, which has seen people receive change in sweets, small chocolates and pens. | |
| Zimbabweans have 21 days to exchange old, inflation-hit notes for the new currency. | |
| Mr Mushayavanhu said the new currency will be implemented with immediate effect and banks must convert current Zimbabwe dollar balances to the ZiG. | |
| It replaces a Zimbabwean dollar that has lost three-quarters of its value so far this year. | |
| Zimbabwe has tried a variety of means to stabilise its currency - at one stage the bank was printing ten trillion dollar notes, as inflation ran out of control. | |
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