Zimbabwe has introduced a new currency which will be backed by the country’s gold reserves, its newly appointed central bank governor announced on April 5.

Reserve Bank of Zimbabwe governor John Mushayavanhu said the new currency would be called the zig, standing for Zimbabwe gold. This is effectively the sixth time since 2006 that the authorities have introduced a new currency or redenominated an existing one.

The Zimbabwe dollar has been redenominated three times, in 2006, 2009 and 2009, in the