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ZiG | |
|---|---|
 New coins | |
| ISO 4217 | |
| Code | ZWG (numeric: 924) |
| Subunit | 0.01 |
| Unit | |
| Plural | ZiG |
| Symbol | ZiG |
| Denominations | |
| Subunit | |
| 1⁄100 | cent notionally only; cents are not used in any denomination |
| Banknotes | |
| Freq. used | ZiG10, ZiG20 |
| Rarely used | ZiG50, ZiG100, ZiG200 (not issued yet) |
| Coins | ZiG1⁄10, ZiG1⁄4, ZiG1⁄2, ZiG1, ZiG2, ZiG5[1] |
| Demographics | |
| Date of introduction | 8 April 2024[2] |
| Replaced | Zimbabwean dollar |
| User(s) |  Zimbabwe |
| Issuance | |
| Central bank | Reserve Bank of Zimbabwe |
| Website | www |
The Zimbabwe Gold (ZiG; code: ZWG)[3] is the official currency of Zimbabwe since 8 April 2024,[2] backed by US$575 million worth of hard assets: foreign currencies, gold, and other precious metals.[4][5][6] It replaced the Zimbabwean dollar, which suffered from rapid depreciation, with the official exchange rate surpassing 30,000 Zimbabwean dollars per U.S. dollar on 5 April 2024, whilst the parallel market rate reached 40,000 per U.S. dollar.[7] Annual inflation in Zimbabwe hit 55.3% in March 2024.[8]
The ZiG is notionally divided into 100 cents, which were first used by the Zimbabwe Stock Exchange before the currency had an ISO code. Cents were officially recognized by the Reserve Bank of Zimbabwe when a currency code for the Zimbabwe Gold was introduced in June 2024.[9] However, the smallest coin is a 1 ZiG.[10]
Although the rate of devaluation of the ZiG may vary,[11] the ZiG has consistently lost value since its introduction, and its long-term prospects are dim so long as large grain imports continue and the government continues to overspend.[12][13] As of November 2024, Zimbabwe had US$21 billion in external debt.[14]
- ^ "Zimbabwe introduces new 'ZiG' currency - CAJ News Africa". 6 April 2024.
- ^ a b "Zimbabwe Replaces Battered Dollar With New Gold-Backed Currency Called ZiG". Bloomberg.com. 2024-04-05. Retrieved 2024-04-05.
- ^ "ISO 4217 Amendment Number 177" (PDF). SIX Interbank Clearing. Zurich: SIX Group. 20 June 2024. Archived from the original (PDF) on 20 June 2024. Retrieved 20 June 2024.
- ^ Chikandiwa, Tafadzwa Mhlanga and Harriet. "US$575m war chest to anchor new currency". The Zimbabwe Independent. Retrieved 2024-04-05.
- ^ "Zimbabwe Launches New Gold-backed Currency". AFP. 5 April 2024 – via Barrons.
- ^ Agbetiloye, Adekunle (2024-04-05). "Zimbabwe's new gold-backed currency ZiG to replace its dollar in April". Business Insider Africa. Retrieved 2024-04-05.
- ^ Cite error: The named reference
AlJazeera-April-2024was invoked but never defined (see the help page). - ^ Mutsaka, Farai (5 April 2024). "Zimbabwe introduces new currency as depreciation and rising inflation stoke economic turmoil". The Associated Press. Archived from the original on 7 April 2024. Retrieved 8 April 2024.
- ^ Mandivengerei, Paidashe (2024-06-26). "RBZ changes ZiG currency code to ZWG as International Standards Organisation approves certification". NewZimbabwe.com. Retrieved 2024-10-29.
- ^ Mushayavanhu, John (23 May 2024). "Press Statement: Issue and Usage of ZiG Coins" (PDF). Reserve Bank of Zimbabwe. Archived (PDF) from the original on 12 June 2024.
- ^ Ndlovu, Ray (26 November 2024). "ZiG Currency Turmoil Ebbing Helps Cool Zimbabwean Inflation". Bloomberg.
- ^ "Zimbabwe's ZiG: devaluations won't fix a currency that's in trouble because of government overspending". The Conversation. 21 October 2024. Archived from the original on 1 December 2024.
- ^ Chingono, Nyasha (19 September 2024). "Zimbabwe's new currency faces headwinds five months on". Reuters.
- ^ Ndlovu, Ray (6 November 2024). "Zimbabwe to Hold Talks on $21 Billion Debt Albatross This Month". Bloomberg.