Zimbabwe introduced the gold standard to end inflation
Zimbabwe announced gold (ZiG) as its national currency. Its value depends on the reserves of gold and foreign currencies mined in the country. Currently, 1 US dollar can be bought for 36 thousand Zimbabwean dollars.
The Governor of the Central Bank of Zimbabwe, John Mushayawanu, has announced the introduction of Zimbabwe Gold (ZiG) as the national currency. Its value depends on the reserves of gold and foreign currencies mined in the country.
The new exchange rate is 13.5 Zimbabwe gold per US dollar. The country's economy has been hit by hyperinflation since the government loosened controls over the country's exchange rate last summer .
Currently, 1 US dollar can be bought for 36 thousand Zimbabwean dollars.
According to Bloomberg, in January it became known that local dollars can only buy bread . The country's president, Emmerson Mnangagwa, blamed private entrepreneurs, stock exchanges, banks, Western sanctions against local politicians and one of Africa's biggest insurance companies for the currency's collapse.
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