Zimbabwe has embarked on a groundbreaking initiative by becoming the first country to adopt a gold-backed currency, known as ZiG, or Zimbabwe Gold. This move aims to stabilize the nation's economy and shield citizens from the detrimental effects of currency fluctuations and soaring inflation rates. The introduction of ZiG seeks to replace the depreciating Zimbabwean dollar (RTGS), which has seen a staggering 75% loss in value this year alone.
Citizens are urged to exchange their old currency for the new ZiG within a limited timeframe of less than 21 days. Despite the transition, the US dollar, which constitutes 85% of transactions, will remain as legal tender in the country.
The new currency will be issued in various denominations, including 1, 2, 5, 10, 50, 100, and 200 ZiG banknotes. Additionally, to address the scarcity of US coins, Zimbabwe will introduce coins backed by its gold reserves.
Zimbabwe's gold deposits have long been a cornerstone of the nation's economy, contributing significantly to its total exports, with official data indicating that gold exports accounted for nearly 25% of the country's exports in January 2024.
This historic shift towards a gold-backed currency marks a pivotal moment for Zimbabwe as it seeks to revitalize its economy and restore confidence in its monetary
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7 апр 2024
