Retailer complaints lead to zig-nificant devaluation

HARARE - Zimbabwe has slashed the value of its new currency, the ZiG, by 40 percent.

The Central Bank was responding to threats of closures by some retail giants.

The gold-backed currency has been volatile with differing values on the traditional and black markets.

READ: Police monitor ZiG trading on social media

ZIG was launched in April this year with government claiming it will arrest hyperinflation.

Economists say cash supplies and local and foreign debt is driving the decline of the currency.

The ZiG is Zimbabwe's sixth attempt at a stable currency over the past 15 years.

• eNCA correspondent Pindai Dube reports.