ZiG : Reserve Bank Of Zimbabwe
To address its long-standing economic instability, the Reserve Bank of Zimbabwe (RBZ) has launched a new gold-backed currency called the ZiG.
- The Zimbabwe Gold (ZiG) is a new gold-backed currency launched by Zimbabwe.
- The ZiG, now the sixth currency used by Zimbabwe, has been in circulation since April 5, 2024.
- The ZiG stands out as a new currency backed by gold reserves, ensuring its value is supported by the physical gold held by the government.
- ZiG notes and coins will be available and issued in denominations: 1ZiG, 2ZiG, 5ZiG, 10ZiG, 20Zig, 50ZiG, 100ZiG and 200ZiG, with the gold backing aims to provide stability and prevent currency devaluation.
- Zimbabwe has grappled with high inflation, with rates surpassing 500% in recent years.
- Consequently, the Zimbabwean dollar, introduced in 1980, lost its value due to Following this, the country relied on various currencies, primarily the US dollar, leading to limited control over its economy.
- The collapse of the Zimbabwean dollar in 2009, with hyperinflation peaking at 5 billion per cent, marked one of the most severe currency crashes in history.
