Zimbabwean ZiG
ZiG | |
|---|---|
New coins | |
| ISO 4217 | |
| Code | ZWG (numeric: 924) |
| Subunit | 0.01 |
| Unit | |
| Plural | ZiG |
| Symbol | ZiG |
| Denominations | |
| Subunit | |
| 1⁄100 | cent notionally only; cents are not used in any denomination |
| Banknotes | |
| Freq. used | ZiG10, ZiG20 |
| Rarely used | ZiG50, ZiG100, ZiG200 (not issued yet) |
| Coins | ZiG1⁄10, ZiG1⁄4, ZiG1⁄2, ZiG1, ZiG2, ZiG5 |
| Demographics | |
| Date of introduction | 8 April 2024 |
| Replaced | Zimbabwean dollar |
| User(s) | Zimbabwe |
| Issuance | |
| Central bank | Reserve Bank of Zimbabwe |
| Website | www |
The Zimbabwe Gold (ZiG; code: ZWG) is the official currency of Zimbabwe since 8 April 2024, backed by US$629 million worth of hard assets: foreign currencies, gold, and other precious metals. 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. Prior to the introduction of the ZiG, annual inflation in Zimbabwe hit 55.3% in March 2024.
The ZiG is notionally divided into 100 cents, which were first used by the Zimbabwe Stock Exchange before the currency had an ISO code. Cents were officially recognized by the Reserve Bank of Zimbabwe when a currency code for the Zimbabwe Gold was introduced in June 2024. However, the smallest coin is a 1 ZiG.
Although the rate of devaluation of the ZiG may vary, the ZiG has consistently lost value since its introduction, and its long-term prospects are dim so long as large grain imports continue and the government continues to overspend. As of November 2024, Zimbabwe had US$21 billion in external debt.