Zimbabwe has launched a controversial new currency in a last ditch bid to inject desperately needed cash into its failing economy.

Many ordinary people fear the new “bond notes”, issued on Monday by the central bank in Zimbabwe, will trigger economic chaos, wiping out savings and causing massive hardship for millions.

Zimbabwe has been ruled by Robert Mugabe, 92, since 1980. Some observers have called the bond notes the autocratic president’s “last gamble”.

The central bank says bond notes will ease crippling shortages of currency, but there are fears their introduction could encourage rampant printing of cash, as happened in 2008.

Only the introduction of the dollar as the official currency in 2009 halted an economic meltdown.

In recent months there has been unrest after the Zimbabwean government was repeatedly forced to delay salary payments to teachers, doctors, soldiers and administrators.

The country is also suffering high unemployment, a severe drought and is threatened by famine in some parts.