This article is from the source 'bbc' and was first published or seen on . The next check for changes will be

You can find the current article at its original source at https://www.bbc.co.uk/news/live/world-africa-68399888#0

The article has changed 86 times. There is an RSS feed of changes available.

Version 62 Version 63
Africa Live: Zimbabwe launches new gold-backed currency - BBC News Africa Live: Zimbabwe launches new gold-backed currency - BBC News
(32 minutes later)
Shingai Nyoka South Africa has selected UK power company Globeleq to build a standalone battery energy storage system, which will be the largest on the continent when completed.
BBC News, Harare A battery energy storage system stores excess electrical energy generated during peak production times.
It then supplies the stored energy to power grids when there is high demand or low energy generation.
Zimbabwe has introduced a new gold-backed currency called ZiG. The 153 MW/612 MWh-capacity project will be situated on five hectares (12 acres) in the Northern Cape province, and will be linked to the grid of state-run power company Eskom.
Central bank governor John Mushayavanhu said the ZiG would be structured and set at a market-determined exchange rate. Globeleq expects it to be completed in 24 months, at a cost of 5.7bn rand ($305m; £242m).
ZiG stands for Zimbabwe Gold. "Electricity storage is going to be key in helping South Africa meet its considerable industrial and domestic demand for energy," Globeleq CEO Mike Scholey said in a statement on Friday.
It's the latest attempt to try to stabilise an economy that has lurched from crisis to crisis for the past 25 years. The project is part of South Africa's efforts to address its power crisis, which is partly caused by insufficient electricity generation.
The US dollar, which accounts for 85% of transactions, will remain legal tender. In recent years, power cuts, referred to as load-shedding, have caused much frustration, with homes going without power for up to 16 hours.
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.
FacebookFacebook
TwitterTwitter
ShareView more share optionsShare this postCopy this linkRead more about these links.ShareView more share optionsShare this postCopy this linkRead more about these links.
Copy this linkCopy this link