Zimbabwe is sticking to its new gold-backed currency as it started trading in the markets amidst concerns that the new gold-backed currency which represents the third time Zimbabwe would be changing its currency would be efficient in curbing the crippling hyperinflation bouts that have plagued the country over the decades.

Zimbabwe has announced the launch of a new currency, as the country has effectively given up in its effort to salvage the Zimbabwean Dollar.

The country’s month–on–month and annual inflation cooled down in the month of January with food inflation accounting for the biggest drop, according to the Zimbabwe Statistics Agency (ZIMSTAT). 

Zimbabwe’s monthly rate of inflation fell for the fourth consecutive month in October amid growing exchange rate stability while the annual rate recorded its second straight retreat as tight liquidity due to a coterie of policy interventions anchored the key fundamentals, official statistics show.