May 30, 2024
  • Zimbabwe has introduced a new gold-backed currency called ZiG – the name stands for “Zimbabwe Gold”.
  • It is the latest attempt to stabilise an economy that has lurched from crisis to crisis for the past 25 years.
  • The ZiG replaces a Zimbabwean dollar, the RTGS, that had lost three-quarters of its value so far this year.
  • Zimbabweans have 21 days to exchange old, inflation-hit notes for the new currency.
  • The new ZiG banknotes come in denominations of between 1 and 200.
  • The US dollar, which accounts for 85% of transactions, will remain legal tender and most people are likely to continue to prefer this.
  • Coins will also be introduced to overcome the shortage of US coins, which has seen people receive change in sweets, small chocolates and pens.
  • The ZiG is the sixth currency Zimbabwe has used since the spectacular 2009 collapse of the Zimbabwe dollar amid hyperinflation of 5 billion percent, one of the world’s worst currency crashes to date.
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