By Business Reporter- The newly launched Zimbabwe’s currency, Zimbabwe Gold (ZiG), has weakened against the United States Dollar.

ZiG weakened Monday to its lowest level against the US dollar since it was launched last month.

Data on the Reserve Bank of Zimbabwe’s website shows ZiG trading at 13.67 to the dollar, a decline of 0.8% from its first day of trading at 13.56 per dollar on April 8.

The ZiG is the country’s sixth attempt to deliver a functioning local currency since 2008.

Authorities say the currency is backed by 2.5 tons of gold and $100 million in foreign currency reserves held by the central bank.