International
Zimbabwean reportedly starts using fresh banknotes and coins to ward off inflation
HARARE – Zimbabweans started using fresh banknotes and coins on Tuesday as the country rolled out its third currency in a decade.
The currency, of which a digital version was launched earlier this month, is the latest attempt to control soaring inflation in the country.
But there are signs the Zimbabwe Gold, or ZiG, was already facing problems, the BBC reported.
A digital version had lost a quarter of its value against the US dollar on the black market.
“The ZiG was backed by gold and foreign currency reserves to help maintain its value,” the central bank said.
The highest denomination of ZiG available was the 200 ZiG note, which was worth about $15.
Individuals would be allowed to withdraw a maximum of ZiG 3,000 and companies ZiG 30,000 per week, authorities said.
There were no limits of cash withdrawals for the parliament, courts and international organisations, local media reported.
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