Zimbabwe’s Finance Minister Mthuli Ncube has announced measures to boost demand for the country’s new bullion-backed currency, ZiG (Zimbabwe Gold).

These include requiring government departments to accept ZiG for goods and services, mandating certain taxes be paid exclusively in ZiG, and increasing circulation of ZiG notes without expanding money supply.

The government aims to strengthen the local currency, which replaced the Zimbabwean dollar in April after it lost 80% of its value against the US dollar, fueling inflation. Ncube credits the ZiG for helping to curb inflation and is implementing these measures to further support its adoption and stability.