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Zimbabwe Hypes New Gold-Backed Currency in Search for Investment
Zimbabwe is making a fresh push to lure foreign capital and is using its new gold-backed currency to persuade investors it won’t repeat mistakes that led to hyperinflation and economic woes in the past. The southern African nation, whose serial currency crises have made it a watchword for policy malpractice, kicked off an international road show that took it to Johannesburg last week with upcoming visits planned for London and Dubai. Still, skeptics doubt the ZiG, short for Zimbabwe Gold, will avoid the same fate of its predecessors, which were all rendered worthless by the government’s habit of printing money to ... (full story)