Zimbabwe has announced the launch of its new currency, called “Zig”, which relies on gold reserves and a basket of foreign currency.

Reserve Bank of Zimbabwe Governor John Mushyavanho said the move was in response to the sharp depreciation of the Zimbabwean dollar, which has seen a decline of more than 70 percent since January.

Mushayavanho set a three-week period for citizens to exchange old banknotes for the new currency, with actual circulation scheduled to begin next Monday.

It is noteworthy that the inflation rate rose from 26.5% in December last year to 55.3% in March, which prompted many traders to rely on the US dollar in daily trading.
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