Zimbabwe introduces new currency as depreciation and rising inflation stoke economic turmoil

BY FARAI MUTSAKA
Associated Press

HARARE, Zimbabwe (AP) — Zimbabwe has launched a new currency to replace its previous one that in recent months has been battered by depreciation, and in some instances rejection by the population. Authorities hope the new measure will halt a currency crisis underlining the country’s yearslong economic troubles. Reserve Bank of Zimbabwe Gov. John Mushayavanhu said Friday the new currency will be called ZiG, and will be anchored on gold reserves and a basket of foreign currencies. It goes into effect on Monday. The Zimbabwe dollar has come under sustained pressure in recent weeks, making it one of the world’s worst performing currencies. Since January, the Zimbabwe dollar’s value lost over 70% of its value on the official market.