Meet Zimbabwe’s Gold-Backed Shot at a Stable Currency: QuickTake

In the latest effort to devise a credible national currency, Zimbabwe in April replaced its dollar with the ZiG, short for Zimbabwe Gold. The new unit is backed by bullion and foreign currency reserves held at the central bank. It’s the country’s sixth attempt at establishing its own currency since 2008, when inflation crossed 500 billion percent, according to International Monetary Fund estimates. Not only did that render it worthless, it turned the unit into a global punchline: US Treasury secretaries would carrythe notes as a reminder of the evils of hyperinflation. Confident that they’ve finally got it right, ...