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Zimbabwe introduces a new gold-backed currency
Gold’s role as a monetary metal has dominated the marketplace for the last two years, and now Zimbabwe will be utilizing its gold reserves. Friday, the Reserve Bank of Zimbabwe announced that on April 8, the government will launch a new currency backed in part by gold. The new currency, the ZiG – short for Zimbabwe Gold – will also be supported by a basket of foreign currencies. The new currency comes as the current Zimbabwe dollar has sharply declined against the U.S. dollar. It is currently the second worst-performing currency against the greenback this year. “We want a solid and stable national currency in ... (full story)