ZiG | |
---|---|
ISO 4217 | |
Unit | |
Plural | ZiGs |
Symbol | ZiG |
Denominations | |
Banknotes | 1, 2, 5, 10, 20, 50, 100, 200 ZiG |
Coins | Quarter ZiG, Half ZiG[1] |
Demographics | |
Date of introduction | 8 April 2024[2] |
Replaced | Zimbabwean dollar |
User(s) | Zimbabwe |
Issuance | |
Central bank | Reserve Bank of Zimbabwe |
Website | www |
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]
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]
The Reserve Bank of Zimbabwe over the weekend of 6 April to 7 April 2024 released the currency features.[citation needed]
Banknotes of Zimbabwe Gold will be introduced in eight denominations: 1, 2, 5, 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).
Value | Dimensions | Main colour | Obverse | Reverse | Watermark | Date of | Ref. | |||
---|---|---|---|---|---|---|---|---|---|---|
printing | issue | |||||||||
1 ZiG | 155 × 65 mm | Blue | Domboremari with trees | Liquid gold being moulded on top of a stack of 12 gold bars | Zimbabwe Bird and "RBZ" | 2024 | 8 April 2024 | [16] | ||
2 ZiG | 155 × 65 mm | Green | Domboremari with trees | Liquid gold being moulded on top of a stack of 12 gold bars | Zimbabwe Bird and "RBZ" | 2024 | 8 April 2024 | [16] | ||
5 ZiG | 155 × 65 mm | Pink | Domboremari with trees | Liquid gold being moulded on top of a stack of 12 gold bars | Zimbabwe Bird and "RBZ" | 2024 | 8 April 2024 | [16] | ||
10 ZiG | 155 × 65 mm | Navy blue | Domboremari with trees | Liquid gold being moulded on top of a stack of 12 gold bars | Zimbabwe Bird and "RBZ" | 2024 | 8 April 2024 | [16] | ||
20 ZiG | 155 × 65 mm | Peach and green | Domboremari with trees | Liquid gold being moulded on top of a stack of 12 gold bars | Zimbabwe Bird and "RBZ" | 2024 | 8 April 2024 | [16] | ||
50 ZiG | 155 × 65 mm | Brown | Domboremari with trees | Liquid gold being moulded on top of a stack of 12 gold bars | Zimbabwe Bird and "RBZ" | 2024 | 8 April 2024 | [16] | ||
100 ZiG | 155 × 65 mm | Olive green | Domboremari with trees | Liquid gold being moulded on top of a stack of 12 gold bars | Zimbabwe Bird and "RBZ" | 2024 | 8 April 2024 | [16] | ||
200 ZiG | 155 × 65 mm | Red | Domboremari with trees | Liquid gold being moulded on top of a stack of 12 gold bars | Zimbabwe Bird and "RBZ" | 2024 | 8 April 2024 | [16] | ||
For table standards, see the banknote specification table. |
The coins will come in two forms, Half ZiG and Quarter ZiG. They will be introduced on 30 April 2024, along with the banknotes.[citation needed]
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]
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.[17][18] 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.[19][20] Zimbabweans were given 21 days to convert their cash into ZiG.[21]
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.[22]
All banks and financial institutions were instructed to convert all ZWL balances, obligations and accounts to the new currency, ZiG.[2]