Zimbabwe's ZiG is the world's newest currency and its latest attempt to resolve a money crisis
Zimbabwe has started circulating a new currency to replace one that has been battered by depreciation and often outright rejection by the people
HARARE, Zimbabwe (AP) — Out with the Zimbabwe dollar, in with the ZiG.
Zimbabwe on Tuesday started circulating a new currency to replace one that has been battered by depreciation and often outright rejection by the people. The ZiG was introduced electronically in early April, but people are now able to use banknotes and coins.
It's the southern African country's latest attempt to halt a long-running currency crisis underlining its persistent economic troubles. The government had previously floated various ideas to replace the Zimbabwe dollar, including introducing gold coins to stem inflation and even trying out a digital currency.
Since it was launched electronically on April 5, the ZiG — short for Zimbabwe Gold and backed by the country's gold reserves — appears to be heading down the same path of mistrust, with some government departments refusing to accept it.
