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Zimbabwean ZiG
The Zimbabwe Gold (ZiG; code: ZWG) is the official currency of Zimbabwe since 8 April 2024, claimed to be backed by US$900 million worth of hard assets: foreign currencies, gold, and other precious metals. 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. Prior to the introduction of the ZiG, annual inflation in Zimbabwe hit 55.3% in March 2024. In the first year after its introduction, the ZiG lost half of its value.
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. However, the smallest coin is a 1 ZiG.
Although the rate of devaluation of the ZiG may vary, 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. As of November 2024, Zimbabwe had US$21 billion in external debt.
The ZiG currency was announced on 5 April 2024, taking the name from ZiG digital tokens, which are now available as GBDT. The ZiG is Zimbabwe's sixth attempt since 2008 at creating a new currency that will make it independent of the US dollar.
Since the currency crisis of 2008–2009, Zimbabwe has a multi-currency system. It was introduced in 2009 after the hyperinflation of the fourth Zimbabwean dollar (ZWL). For ten years there was no Zimbabwean currency. However in February 2019 the government introduced the Zimdollar (ZWL) on par with the US dollar, but it was quickly devalued to $2.50 Zimdollars per US-dollar. Briefly, from June 2019 to March 2020, the government required all transactions to be done in Zimdollars; but that quickly proved impractical. Legal use of foreign currencies was restored and they remain legal tender.
By April 2024, the value of the Zimdollar (the RTGS Dollar) had decreased so much that the exchange rate was $30,000 Zimdollars per US dollar officially, and even more on the black market. At that time, U.S. dollars accounted for four-fifths of all transactions.
By November 2025, the value of 1 USD was 26.36 Zim Gold (ZWG), also known as ZiG.
In discussions the government of Zimbabwe decided to issue a new currency backed by gold reserves, the ZiG.
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Zimbabwean ZiG
The Zimbabwe Gold (ZiG; code: ZWG) is the official currency of Zimbabwe since 8 April 2024, claimed to be backed by US$900 million worth of hard assets: foreign currencies, gold, and other precious metals. 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. Prior to the introduction of the ZiG, annual inflation in Zimbabwe hit 55.3% in March 2024. In the first year after its introduction, the ZiG lost half of its value.
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. However, the smallest coin is a 1 ZiG.
Although the rate of devaluation of the ZiG may vary, 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. As of November 2024, Zimbabwe had US$21 billion in external debt.
The ZiG currency was announced on 5 April 2024, taking the name from ZiG digital tokens, which are now available as GBDT. The ZiG is Zimbabwe's sixth attempt since 2008 at creating a new currency that will make it independent of the US dollar.
Since the currency crisis of 2008–2009, Zimbabwe has a multi-currency system. It was introduced in 2009 after the hyperinflation of the fourth Zimbabwean dollar (ZWL). For ten years there was no Zimbabwean currency. However in February 2019 the government introduced the Zimdollar (ZWL) on par with the US dollar, but it was quickly devalued to $2.50 Zimdollars per US-dollar. Briefly, from June 2019 to March 2020, the government required all transactions to be done in Zimdollars; but that quickly proved impractical. Legal use of foreign currencies was restored and they remain legal tender.
By April 2024, the value of the Zimdollar (the RTGS Dollar) had decreased so much that the exchange rate was $30,000 Zimdollars per US dollar officially, and even more on the black market. At that time, U.S. dollars accounted for four-fifths of all transactions.
By November 2025, the value of 1 USD was 26.36 Zim Gold (ZWG), also known as ZiG.
In discussions the government of Zimbabwe decided to issue a new currency backed by gold reserves, the ZiG.