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Gone is the Zimbabwean dollar as the African country welcomes the ZiG as its new currency.

ZiG is short for Zimbabwe Gold and will replace the current currency. Over the last few years, the Zimbabwean dollar has tanked at an alarming speed sending inflation at an all-time high.

During a monetary policy statement, Reserve Bank governor John Mushakyvabhu said “With effect from today… Banks shall convert the current Zimbabwe dollar balances into the new currency”.

According to Mushayavanha, the ZiG will be “fully anchored and fully backed” by a basket of reserves comprising foreign currency and precious metals, mainly gold.

The new banknotes will come in seven denominations ranging from 1 to 200 ZiG and it aims to foster “simplicity, certainty, and predictability” in the country’s financial situation.

Over the last year, the Zimbabwean dollar lost almost 100% of its value against the US dollar. This has added a lot of pressure on the country’s 16 million people who have been facing an inflation rate in the triple digits since 2023.

The BBC reports Zimbabweans have 21 days to exchange old, inflation-hit notes for the new currency. However, the US dollar, which accounts for 85% of transactions, will remain legal tender and most people are likely to continue to prefer this.

Image credit: New Zimbabwe

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