Zimbabwe has replaced its faltering local dollar with a new gold-backed currency, named the Zimbabwe Gold (ZiG). This move, instigated by the administration of the President Emmerson Mnangagwa, indicates a major change in the nation’s monetary policy.
ZIMBABWE’S MUCH ANTICIPATED NEW GOLD-BACKED ‘STRUCTURED CURRENCY’, THE ZiG, LAUNCHED
The Reserve Bank of Zimbabwe [RBZ] today launched a new mainly gold-backed structured currency, called the ZiG, which will circulate specimens of which are attached to this post. The ZiG will… pic.twitter.com/NLpHQOBQRa
— Prof Jonathan Moyo (@ProfJNMoyo) April 5, 2024
Launch of the Zimbabwe ZiG from Zimbabwe Dollar
The implementation of the ZiG was prompted by the continuous economic struggles experienced by Zimbabwe. The previous currency, the Zimbabwe dollar, was devalued severely, trading at Z$36,000 to the US dollar, having lost over three-quarters of its value in this year only. Thus, John Mushayavanhu, governor of the Reserve Bank of Zimbabw
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