Zimbabwe Adopts New Gold-Backed Currency
The Reserve Bank of Zimbabwe has announced the replacement of its Zim dollar with a new currency backed by a basket that includes foreign currencies, gold and other precious metals.
The revelation comes as the new RBZ Governor John Mushayavanhu presented the much-awaited 2024 Monetary Policy Statement and marked his first move to tackle one of the country’s longest-running crises.
The currency has depreciated every single trading day this year against the US dollar, shedding more than three-quarters of its value.
The local authorities have repeatedly tried to rescue the Zimbabwean dollar since its reintroduction in 2019 after scrapping it a decade earlier when hyperinflation erased its value.
The new currency will be introduced at 13.56 per dollar on April 8 and the interest rates will be recalibrated to the new level of 20%, he said, down from 130% on the old currency. EU to Invest €37m in Nigeria’s Power Sector-Ambassador
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