In April, Zimbabwe introduced a gold-backed currency in an effort to stabilize the country’s financial system. Less than six months later, the Reserve Bank of Zimbabwe has already devalued the new money.

Zimbabwe’s gold-backed currency, which was devalued by 43% by the central bank on Sept. 27, remained under pressure on Monday.

Zimbabwe's gold-backed ZiG currency fell more than 40% against the U.S. dollar on the interbank market from Thursday to Friday, the central bank's website showed. The Reserve Bank of Zimbabwe's website gave the mid rate for ZiG as 24.

An economist says the drop is an adjustment toward the ZiG's real value and a reflection of the actual state of Zimbabwe’s economy

In Zimbabwe, the new currency, Zimbabwe Gold (ZiG), introduced half a year ago, has experienced a sharp devaluation of 43%, triggering a buying panic and store restrictions. Entrepreneurs warn of bankruptcy,

In Zimbabwe, the new currency, Zimbabwe Gold (ZiG), introduced half a year ago, has experienced a strong devaluation of 43%, triggering a buying panic and store restrictions. Entrepreneurs warn of bankruptcy,

Zimbabwe’s bankers on Tuesday warned the central bank about the impact of any future shocks to the local currency to avoid eating into people’s incomes and eroding public confidence after a 43% devaluation last week.