Zimbabwe’s New Zig Currency Strengthens On Second Day of Trading

Zimbabwe’s new gold-backed currency the ZiG strengthened a day after its debut, even as it roiled commerce nationwide as banks, retailers and utilities battled to switch to the new unit.

It gained 0.2% to 13.53 per US dollar, according to data published on the Reserve Bank of Zimbabwe’s website on Tuesday. It began trading Monday at 13.56 per dollar, using an exchange rate announced by Governor John Mushayavanhu during last Friday’s unveiling of the nation’s latest effort to create a functioning…