Zimbabwe Dumps The U.S. Dollar and Launches Africa’s First Gold-Backed Currency

Zimbabwe Dumps The U.S. Dollar and Launches Africa’s First Gold-Backed Currency

April 10, 2024

Melanin Journals

Zimbabwe's Central Bank has rolled out a fresh financial initiative called the "structured currency," backed by gold reserves. It is aimed at tackling the country's runaway inflation and to shore up its unstable economy.

Dubbed ZiG, short for Zimbabwe Gold, this new currency is set to take over from the struggling Zimbabwean dollar.

Reserve Bank Governor John Mushayavanhu announced the switch during the unveiling of the monetary policy statement, stating that existing Zimbabwean dollar balances would be converted to the new ZiG currency with immediate effect.

Music Credits: music by Yuzzy: https://bit.ly/2nUbGqD

Original: https://youtu.be/nVhKxv5sHso

https://www.youtube.com/@MelaninJournals

=

About

Embark on a journey of transformation with me, as we pay homage to our indigenous African forebears and rediscover our global identity through an African perspective. Through stimulating conversations, we'll delve into the intricate weave of African history, culture, and worldview, unveiling their deep significance in our present-day existence. Together, we'll exchange ideas and insights, nurturing a fresh awareness and taking back our shared story.

Let's commemorate the lively legacy and enduring impact of Africa, paving the way for enlightenment and togetherness. Collectively, we can mold a future grounded in comprehension, reverence, and a shared cultural legacy