Zimbabwe’s central bank is launching a gold-backed digital currency to keep the local currency from depreciating further against the USD. The African country has been struggling with currency volatility and inflation for more than a decade now. Zimbabwe has been struggling with currency volatility and inflation for more than a decade now. Following a period of hyperinflation, the country adopted the USD as its currency in 2009. But the government again decided to reintroduce the USD last year in an effort to cool the country’s soaring inflation.

Source: The North Africa Journal April 24, 2023 08:47 UTC