What Is ZiG-World's Newest Currency; Why It Is Introduced?

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Zimbabwe Gold ( ZiG):

Zimbabwe rolled out a new gold-backed currency called the ZiG, or Zimbabwe Gold and will come into effect from April 5, 2024. The currency will co-circulate with other foreign currencies in the economy.

Why ZiG Currency Introduced:

In April 2024, Zimbabwe introduced the Zig, a new currency backed by gold, to try to fix these issues.

ZiG

The ZiG is the sixth currency Zimbabwe has used since the spectacular 2009 collapse of the Zimbabwe dollar amid hyperinflation of 5 billion percent.

SWAP Rate:

Zimbabwe’s central bank decided the swap rate based on the closing interbank exchange rate and the price of gold as of April 5, 2024.

Zimbabwe Inflation:

Zimbabwe has long struggled with high inflation, with inflation rates exceeding 500% in recent years.

Zimbabwe Gold:

With effect from 5 April, banks in Zimbabwe have been converting the country's previous national currency, the Zimbabwe dollar, into ZiGs.

ZiG-A New Attempt

It is a new attempt to fix Zimbabwe's currency issues. While it's unclear if it will succeed in the long run, it shows a strong effort to end currency instability.