Zimbabwe just introduced a new gold-backed currency in an attempt to fight inflation and wean off the US dollar

• Zimbabwe's central bank has introduced a new gold-backed currency, ZiG, to combat high inflation.
• This is Zimbabwe's sixth attempt at a new currency since 2008.
• The African nation is aiming to phase out its multi-currency system where the US dollar is dominant.

Inflation-hit Zimbabwe has a new currency — again.

Last week, the country's central bank introduced a new gold-backed currency called Zimbabwe Gold, or ZiG, in an attempt to tame price gains that reached a seven-month high of 55% in March.