Zimbabwe Will Attempt to Establish Gold-Backed Currency

A Zimbabwean holds local currency in Harare on Feb. 13, 2024. Known as the dollar, bondnotes or ZWL, the currency has become nearly worthless since its introduction in 2014. (Columbus Mavhunga/VOA) FILE - Finance minister Mthuli Ncube, shown here in June 2023, says Zimbabwe will move toward a gold-backed currency to ensure sustained growth. (Columbus Mavhunga/VOA)

Zimbabwe’s government said Monday it is introducing a gold-backed currency to replace the country’s nearly worthless dollar, which most businesses have shunned, preferring the U.S. dollar or South African rand.