{"id":2743,"date":"2024-04-06T05:40:51","date_gmt":"2024-04-06T05:40:51","guid":{"rendered":"https:\/\/findbullionprices.com\/blog\/?p=2743"},"modified":"2024-04-06T05:40:57","modified_gmt":"2024-04-06T05:40:57","slug":"zimbabwe-launches-gold-backed-currency-to-replace-dollar","status":"publish","type":"post","link":"https:\/\/findbullionprices.com\/blog\/zimbabwe-launches-gold-backed-currency-to-replace-dollar\/","title":{"rendered":"Zimbabwe Launches Gold Backed Currency to Replace Dollar"},"content":{"rendered":"\n<p>Despite being one of the most mineral rich nations in Central Africa, the economy of Zimbabwe has been a mess for decades. <\/p>\n\n\n\n<p>To help battle the latest round of inflation, the Central Bankers and politicians are turning to the oldest form of money known to civilization. This week, Zimbabwe <a href=\"https:\/\/www.aljazeera.com\/news\/2024\/4\/5\/zimbabwe-introduces-new-gold-backed-currency-to-tackle-inflation\" target=\"_blank\" rel=\"noreferrer noopener\">launched<\/a> a new &#8220;structured currency&#8221; backed in part by gold. <\/p>\n\n\n\n<p>The new currency is called the &#8220;Zim Gold&#8221;, or more simply &#8220;ZiG&#8221;, and will be backed by a basket of assets that includes foreign currencies, gold and other minerals.  <\/p>\n\n\n\n<p>John Mushayavanhu, the governor of Zimbabwe\u2019s Reserve Bank said the ZiG would circulate alongside a basket of other currencies would also introduce a market-based exchange rate.<\/p>\n\n\n\n<p>\u201cWith effect from today \u2026 banks shall convert the current Zimbabwe dollar balances into the new currency,\u201d he said.<\/p>\n\n\n\n<p>The moved is aimed at establishing confidence in the country&#8217;s central banking system which has been in an extended period of hyperinflation since 2007. <\/p>\n\n\n\n<p>The new banknotes come in eight denominations ranging from one to 200 ZiG. The new notes feature a drawing of gold ingots being minted, as well as Zimbabwe\u2019s famous Balancing Rocks, which already appeared on the old ones.<\/p>\n\n\n\n<p>Zimbabweans have 21 days to convert their old cash into new money, Mushayavanhu said.<\/p>\n\n\n\n<p>The ZiG appears to be culminating from developments within the BRICS related countries, which have been reportedly leaning towards a commodity basket common currency for trade between countries. The development of the ZiG mirrors what has been happening in other countries. <\/p>\n\n\n\n<p>Brazil <a href=\"https:\/\/www.reuters.com\/business\/finance\/brazil-proposes-yuan-guarantees-exports-argentina-finance-minister-says-2023-08-23\/\" target=\"_blank\" rel=\"noreferrer noopener\">adopted the Chinese Yuan in 2023<\/a> for use in international trade and provided a proposal requesting that Argentina accept the backing of a trade deal with Yuan.  <\/p>\n\n\n\n<p>Although the dollar remains the dominant currency in both countries, the Yuan has become the <a href=\"https:\/\/thediplomat.com\/2023\/09\/chinas-yuan-revolution-reaches-brazil-and-argentina\/\" target=\"_blank\" rel=\"noreferrer noopener\">second largest currency in Brazil<\/a>, overtaking the Euro. <\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>To help battle the latest round of inflation, the Central Bankers and politicians are turning to the oldest form of money known to civilization. This week, Zimbabwe launched a new &#8220;structured currency&#8221; backed in part by gold. <\/p>\n","protected":false},"author":1,"featured_media":2744,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[710,545],"tags":[665,393,1124,664],"class_list":["post-2743","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-central-banks","category-news","tag-gold-backed-currency","tag-gold-standard","tag-zig","tag-zimbabwe"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.13 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Zimbabwe Launches Gold Backed Currency to Replace Dollar - FindBullionPrices.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/findbullionprices.com\/blog\/zimbabwe-launches-gold-backed-currency-to-replace-dollar\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Zimbabwe Launches Gold Backed Currency to Replace Dollar - FindBullionPrices.com\" \/>\n<meta property=\"og:description\" content=\"To help battle the latest round of inflation, the Central Bankers and politicians are turning to the oldest form of money known to civilization. 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