On March 20th we reported on assumptions. Today it is reality....

On March 20th we reported on assumptions. Today it is reality. Zimbabwe, a country experiencing hyperinflation, is introducing a new currency. The special thing about it is that it is covered by gold! Zimbabwe, in its latest attempt to end the serial collapse of the local currency, has replaced it with a new entity called ZiG, which will be backed by a basket of foreign currencies, gold and other precious metals, Central Bank Governor John Mushayavanhu said today According to Bloomberg at a press conference in the capital Harare, the ZiG will be launched on April 8 at an introductory rate of 13.56 per dollar and a new interest rate of 20%. For comparison: the old interest rate was 130%, making it the highest in the world. Banks will convert their current Zimbabwe dollar balances into ZiG, he said.