Zimbabwe replaced its battered dollar with a new currency backed by a basket that includes foreign currencies, gold and other precious metals, said central bank Governor John Mushayavanhu.

He told a press conference in Harare on Friday that banks shall convert all their Zimbabwean dollar balances into the new unit called ZiG.

“We want a solid and stable national currency in this country,” he said. “It does not help to print money. Certainly under my watch it is not going to happen.”

The new currency will be introduced at 13.56 per dollar on April 8 and the interest rates will be recalibrated to the new level of 20%, he said, down from 130% on the old currency.