Financial Times on Nostr: US High School Economics class: Zimbabwe launches ‘gold-backed’ currency to ...
US High School Economics class: Zimbabwe launches ‘gold-backed’ currency to replace collapsing dollar
==========
Zimbabwe has launched a new 'gold-backed' currency to replace the collapsing dollar. This is the latest currency introduction in Zimbabwe, which has had multiple currencies in the last decade. The new currency is backed by gold in an attempt to restore confidence in the country's monetary system. Zimbabweans prefer 'mattress banking' over traditional banking due to a lack of trust in the banking system. The hyperinflation experienced in 2008 has had a lasting impact on government officials and citizens, influencing their decisions today.
#Zimbabwe #Currency #Goldbacked #Dollar #MonetarySystem #Banking #Hyperinflation
https://www.ft.com/content/b650ea2d-f26f-4b33-9340-090c514ac81c
==========
Zimbabwe has launched a new 'gold-backed' currency to replace the collapsing dollar. This is the latest currency introduction in Zimbabwe, which has had multiple currencies in the last decade. The new currency is backed by gold in an attempt to restore confidence in the country's monetary system. Zimbabweans prefer 'mattress banking' over traditional banking due to a lack of trust in the banking system. The hyperinflation experienced in 2008 has had a lasting impact on government officials and citizens, influencing their decisions today.
#Zimbabwe #Currency #Goldbacked #Dollar #MonetarySystem #Banking #Hyperinflation
https://www.ft.com/content/b650ea2d-f26f-4b33-9340-090c514ac81c