Zimbabwe Replaces Battered Dollar With New Gold-Backed Currency Called ZiG

Zimbabwe, in its latest bid to end the serial collapse of the local dollar, has replaced it with a new unit called ZiG, which will be backed by a

basket of foreign currencies, gold and other precious metals.Central Bank Governor John Mushayavanhu told a press conference in Harare, the capital, on Friday, that the ZiG would be launched on April 8 at an introductory rate of 13.56 per dollar and a new interest rate set at 20%.