It has been suggested that GBDT (digital token) be merged into this article. ( Discuss) Proposed since April 2024.

Zimbabwe Gold

ZiG
ISO 4217
Code	None
Unit
Plural	ZiGs
Symbol	ZiG‎
Denominations
Banknotes	10, 20, 50, 100, 200 ZiG
Coins	1/10, Quarter, Half, 1, 2, 5 [1]
Demographics
Date of introduction	8 April 2024; 21 days ago (2024-04-08) [2]
Replaced	Zimbabwean dollar
User(s)	Zimbabwe
Issuance
Central bank	Reserve Bank of Zimbabwe
Website	www.rbz.co.zw

The Zimbabwe Gold (ZiG) has been 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. ^{[3] [4] [5]} 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. ^[6] Annual inflation in Zimbabwe hit 55.3% in March 2024. ^[7]

Background

The ZiG currency was announced on 5 April 2024, taking the name from ZiG digital tokens, which are now available as GBDT. ^[8] The ZiG is Zimbabwe's sixth attempt since 2008 at creating a new currency that will make it independent of the US dollar. ^[9]

Zimbabwe has a multi-currency system, introduced in 2009 after the hyperinflation of the Zimbabwean dollar. In addition to the ZiG, foreign currencies are also legal tender. ^{[10] [11]} As of March 2024, 80% of all transactions in Zimbabwe were made in US dollars. ^[12] The government and the central bank expect the use of ZiG to gradually increase in the country. Companies are required to pay 50% of their quarterly taxes in ZiG. ^{[13] [14]}

Features

The Reserve Bank of Zimbabwe over the weekend of 6 April to 7 April 2024 released the currency features.^{[ citation needed]}

Denominations

Banknotes

Banknotes of Zimbabwe Gold will be introduced in eight denominations: 10, 20, 50, 100 and 200 ZiG. They will begin circulating on 30 April 2024. ^{[15] [4]}

The ZiG notes are made from cotton paper, have the Zimbabwe Bird as their watermark and are all equal in size, measuring 155 mm × 65 mm (6.1 in × 2.6 in).

Coins

The coins will come several forms: 1 ZiG, 2 ZiG, 5 ZiG. They will be introduced on 30 April 2024, along with the banknotes. ^{[17] [18]}

There will also be coins for 1/10 ZiG, 1/4 ZiG, and 1/2 ZiG as well.

Subdivisions

The ZiG will not have a subdivision - and will be the only currency other than the Vanuatuan vatu where this is the case.^{[ citation needed]}

Conversions

Exchange rates

The Zimbabwean dollar (ZWL) lost about 32% value on interbank in a two-day trading, moving from 22,950 to 33,903 per U.S. dollar. The conversion to ZiG, will be based on gold price and swap rate. ^{[19] [20]} On a press release dated 6 April 2024, the Reserve Bank of Zimbabwe announced that ZWL would be converted to ZiG at an exchange rate of 2498.7242 ZWL for one ZiG. ^{[21] [22]} Zimbabweans were given 21 days to convert their cash into ZiG. ^[23]

The ZiG started trading on 8 April 2024 with an exchange rate of 13.56 ZiG per US dollar and was subsequently allowed to freely float. ^[24]

Zimswitch and banks

All banks and financial institutions were instructed to convert all ZWL balances, obligations and accounts to the new currency, ZiG. ^[2]

See also

• GBDT
• Zimbabwean dollar
• Mosi-oa-Tunya

References

External links

• Reserve Bank of Zimbabwe Website