CURRENT AFFAIRS : BANKING & FINANCE
Zimbabwe Introduces New Gold-Backed Currency: ZiG
- Zimbabwe has launched a new gold-backed currency called ZiG, short for “Zimbabwe Gold”,to stabilize its economy.
- This introduction marks the latest attempt by Zimbabwe to bring stability to its economy,which has faced significant challenges over the past 25 years.
Key Highlights :
- Market-Determined Exchange Rate :The central bank governor, John Mushayavanhu, announced that the ZiG would be structured and set at a market-determined exchange rate, aiming to bring transparency to currency valuation.
