Zimbabwe Launches New Currency ZiG Amid Currency Crisis
| Aspect | Details |
|---|---|
| New Currency | Zimbabwe launched the ZiG (Zimbabwe Gold) to address currency crisis. |
| Backing | ZiG is backed by Zimbabwe's gold reserves. |
| Introduction | Introduced electronically in early April; now available as banknotes and coins. |
| Challenges | Faces mistrust and rejection; some businesses and government departments refuse it, preferring the U.S. dollar. |
| Conflicting Policies | Some businesses allowed to reject ZiG in favor of U.S. dollars; others mandated to use ZiG exclusively. |
| Historical Context | Zimbabwe's hyperinflation in 2009 led to the collapse of the Zimbabwe dollar. U.S. dollar became widely trusted. |
| Black Market | Black market for U.S. dollars thrives; many Zimbabweans stash U.S. dollars at home. |
| Government's Stance | President Emmerson Mnangagwa calls ZiG a matter of "national identity and dignity." |
| Previous Currencies | ZiG is the sixth currency since the collapse of the Zimbabwe dollar in 2009. |