Zimbabwe to introduce new Zim Gold currency linked to foreign exchange, gold

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A man poses with a handful of Zimbabwean dollars at a bank in Harare, Zimbabwe on June 15, 2015. PHOTO | REUTERS

 Zimbabwe will introduce a new "structured currency" linked to foreign currencies and gold that it expects to provide more stability than its weakening dollar and help rein in inflation, its central bank Governor John Mushayavanhu said on Friday.

As the Zimbabwean dollar tumbled this year from under 6,000 to above 29,000 to the US dollar, annual inflation soared beyond 55 percent in March, evoking bitter memories of hyperinflation under former leader Robert Mugabe.