Zimbabwe’s New Currency

byStaff Reporter

Zimbabwe recently introduced a new gold backed currency called ZiG to stabilise its economy and deal with its currency crisis.

Zimbabwe recently introduced a new gold backed currency called ZiG to stabilise its economy and deal with its currency crisis.
The ZiG, which stands for Zimbabwe Gold, replaced the Zimbabwe dollar, which was unstable.
The Zimbabwe dollar has lost almost 70% of its value since the beginning of 2024 because of which annual inflation in the country reached 55% in March.
Zimbabwe has been dealing with economic crises for over two decades and has adopted numerous currencies including the US dollar (USD) to maintain currency stability in the past.
Though the ZiG is expected to better Zimbabwe’s economic condition, experts are skeptical about whether the country has adequate reserves to back it.