In the first week of April 2024, Zimbabwe launched a new gold-backed currency in order to tackle rising inflation as well as the country’s tumultuous economy.

The ZiG – which is short for Zimbabwe Gold – is expected to replace the Zimbabwean dollar, which has performed poorly over the last year. Zimbabweans will have 21 days to trade their old money for the new currency, says John Mushayavanhu, Reserve Bank governor of Zimbabwe.

“With effect from today [5 April 2024]… banks shall convert the current Zimbabwe dollar balances into the new currency.”

Darul Ihsan Media Desk