Zimbabwe adopts a new currency linked to gold and foreign exchange

Bank of Zimbabwe Governor Mushawanhu said that Zimbabwe has replaced the heavily damaged Zimbabwean dollar with a basket of asset backed currencies, including foreign currencies, gold, and other precious metals. He said that banks should convert all the balance of Zimbabwean dollars into the new currency "ZiG". "We hope this country has a solid and stable national currency." "Printing money is not helpful. Of course, under my supervision, this situation will not happen." Mushayawanhu said, starting from April 8th, the exchange rate of the US dollar against the new currency will be 13.56, and the interest rate will be readjusted to the new level of 20%, lower than the 130% of the old currency.