Zimbabwe Gold
ZiG | |
|---|---|
| Unit | |
| Plural | ZiGs |
| Symbol | ZiG |
| Denominations | |
| Banknotes | 1, 2, 5, 10, 20, 50, 100, 200 ZiG |
| Demographics | |
| Date of introduction | 8 April 2024[1] |
| Replaced | Zimbabwean dollar |
| User(s) |  Zimbabwe |
| Issuance | |
| Central bank | Reserve Bank of Zimbabwe |
| Website | www |
| Valuation | |
| Pegged with | US dollar ($) = 13.56 ZiG |
The Zimbabwe Gold (ZiG) is the planned official currency of Zimbabwe, to become legal tender on 8 April 2024,[1] backed by US$575 million worth of hard assets. It will have an initial exchange rate of 13.56 ZiG per U.S. dollar.[2][3][4] It will replace the Zimbabwean dollar, which has suffered from rapid devaluation, with the official exchange rate surpassing 30,000 Zimbabwean dollars per U.S. dollar.
History[edit]
ZiG tokens were originally introduced on 5 October 2023 as a digital currency tied to gold.[5] The value of one ZiG unit is defined as one milligram of gold at 99% fineness.[6]
Denominations[edit]
Banknotes of Zimbabwe Gold will be introduced in eight denominations: 1, 2, 5, 10, 20, 50, 100 and 200 ZiG.[3]
Conversions[edit]
Exchange Rates[edit]
Zimbabwean Dollar(ZWL) lost nearly 50% value on interbank in a two day trading, moving from ZWL22,950 to ZWL33,903. The conversion to ZiG, will be based on gold price and swap rate.[7][8]
ZWL Accounts and Balances[edit]
All banks and financial institutions were instructed to convert all ZWL balances, obligations and account to the new currency, ZiG[1]
References[edit]
- ^ a b c "Zimbabwe Replaces Battered Dollar With New Gold-Backed Currency Called ZiG". Bloomberg.com. 2024-04-05. Retrieved 2024-04-05.
- ^ Chikandiwa, Tafadzwa Mhlanga and Harriet. "US$575m war chest to anchor new currency". The Zimbabwe Independent. Retrieved 2024-04-05.
- ^ a b "Zimbabwe Launches New Gold-backed Currency". AFP. 5 April 2024 – via Barrons.
- ^ Agbetiloye, Adekunle (2024-04-05). "Zimbabwe's new gold-backed currency ZiG to replace its dollar in April". Business Insider Africa. Retrieved 2024-04-05.
- ^ "Gold-Backed Digital Currency Is Zimbabwe's Way to Sway Love for Dollars". Bloomberg.com. 2023-10-10. Retrieved 2024-04-06.
- ^ "NATIONAL ASSEMBLY HANSARD 14 DECEMBER 2023 VOL 50 NO 21". Parliament of Zimbabwe. Retrieved 2024-04-06.
- ^ "Zimbabwe new currency". Chronicles. Retrieved 2024-04-06.
- ^ "Zimbabwean dollar balances shrink in value amid ZiG currency launch". www.thezimbabwean.co. Retrieved 2024-04-06.
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