Zimbabwe introduces new currency due to financial problems

Zimbabwe will introduce a new currency to replace its previous one, which has been devalued in recent months and rejected by the population in some cases, The Associated Press reports

Photo: www.apnew.com

Authorities hope the new measure will stop a currency crisis that is exacerbating the country’s long-term economic problems.

“Reserve Bank of Zimbabwe Gov. John Mushayavanhu said the new currency will be called ZiG, and will be anchored on gold reserves and a basket of foreign currencies. It goes into effect on April 8th,” the publication reads.

According to official data, inflation in the country rose from 26.5 percent in December 2023 to 34.8 percent in January this year before jumping to 55.3 percent in March.