Zimbabwean ZiG
Zimbabwe Gold, also known as ZiG, is the currency used in Zimbabwe. It was launched on 8 April 2024 to replace the Zimbabwean dollar after extreme inflation made the old money nearly worthless, with 1 US dollar costing over 30,000 ZWL. The new currency is backed by gold, precious metals, and foreign currency to help keep its value more stable.
| Zimbabwe Gold | |
|---|---|
| User(s) |  Zimbabwe
|
| Inflation | 47.6% |
| Source | IMF (2024 est.) |
| Subunit | |
| 1/100 | cent |
| Symbol | ZiG |
| Coins | 1, 2, 5 ZiG (planned: ¼, ½) |
| Banknotes | 10, 20 ZiG (planned: 50, 100, 200) |
| Central bank | Reserve Bank of Zimbabwe |
The name ZiG stands for "Zimbabwe Gold" and shares its name with an earlier digital gold-backed token that was once used in the country. Its official currency code is ZWG.
Coins were introduced in values of 1, 2, and 5 ZiG, and banknotes started with 10 and 20 ZiG. The Reserve Bank of Zimbabwe plans to add 50, 100, and 200 ZiG notes later, along with rare coins like ¼ and ½ ZiG. When the ZiG replaced the Zimbabwean dollar, the exchange rate was set at 2,498.7242 ZWL to 1 ZiG, meaning 1 ZiG was worth around 13.56 US dollars at launch. However, its value dropped quickly and by late 2024 it had lost over half its market value.
Many Zimbabweans still prefer using the US dollar in daily life, and some workers are not paid in ZiG. Businesses often accept foreign money instead, but the government is trying to encourage ZiG use by requiring taxes and duties to be paid in the new currency.
Zimbabwe has had several currency changes since 2008 due to hyperinflation. From 2009 to 2019, the country used mostly foreign currencies like the US dollar and South African rand, but reintroduced the Zimbabwean dollar in 2019. That too failed because of inflation, leading to the creation of ZiG, which is now the sixth version of a local currency since 2008.
