Zimbabwe's ZiG is the world's newest currency and another attempt to resolve a money crisis (2024)

FAQs

Is Zimbabwe's ZiG the world's newest currency? ›

The Reserve Bank of Zimbabwe started circulating ZiG in April 2024, starting with electronic payments before rolling out notes and coins. A total of ZiG 80 million is currently on the market, set with an introductory exchange rate of 13.56 ZiG per US dollar.

Last month, Zimbabwe rolled out a new gold-backed currency called the ZiG, or Zimbabwe Gold, in an effort to mitigate the currency instability and hyperinflation that has plagued the country for decades.

The ZiG is Zimbabwe's latest currency — yet another attempt to unravel the economic catastrophes of the past decades. According to many there, it's every bit as baffling as its predecessors. ARI SHAPIRO, HOST: Zimbabwe has ordered people to use the ZiG.

This led the government to abolish the Zimbabwe dollar in 2009 and ever since, most people have been using the US dollar.

$100 Trillion Zimbabwean (ZWL) dollars is worth somewhere between 10 billion and 17 USD as of today (12 Dec 2023) depending on the valuation method ie official bank rate, or unofficial (black market) rate.

Introduced on 5 April to replace the Zimbabwean dollar, the new Zimbabwe Gold (ZiG) currency has strengthened against its benchmark, the United States dollar, on the official market, appreciating by more than 2%.

Earlier this month, it introduced a new currency, the ZiG, short for Zimbabwe Gold. The ZiG is backed by 2.5 tons of gold and about $100 million in foreign currency reserves held by the central bank, and a single ZiG is worth about 7 US cents, the price of a milligram of gold.

What is Zimbabwe's new currency? ›

The nation launched the ZiG – short for Zimbabwe Gold – in early April, marking its sixth attempt at a stable domestic currency since 2008, when inflation crossed billions of percent. Previous projects were similarly sunk by astronomical price pressures.

The Zimbabwe dollar has come under sustained pressure in recent weeks, making it one of the world's worst performing currencies. Since January, the Zimbabwe dollar lost over 70% of its value on the official market, and was plunging even further on the thriving but illegal black market.

As of today, according to xe.com, you would get $2,763,194 USD for your billion Zimbabwe dollars. Go to the nearest bank to discuss this, They should be able to tell you where And how you could change that money.

At one point, the money became so worthless that the government started skimping on the paper they used to print it. As Namotolo recounted it, when the hundred trillion note came out, you could go shop for one month's groceries. But as time went on, maybe after a day, you could buy two loaves.

The notes and coins will come into circulation by the end of the month, but for now the electronic version of the ZiG was operationalised. The ZiG is currently trading stronger than the South African rand.

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