Zimbabwe introduces new currency ZiG, backed by foreign currencies, gold, & precious metals, replacing the troubled dollar.
Zimbabwe has replaced its troubled dollar with a new currency, the ZiG, backed by a basket including foreign currencies, gold, and other precious metals. Central Bank Governor John Mushayavanhu announced that banks will convert all Zimbabwean dollar balances into the new ZiG unit, which will circulate alongside other currencies until 2030 as mandated by law. The ZiG will be issued in denominations of 1, 2, 5, 10, 20, 100, and 200, with 1 ZiG equivalent to 6 US cents. This move aims to enhance confidence in Zimbabwe's financial system and pave the way for economic stability.
April 05, 2024
24 Articles