Zimbabwe Launches ZiG: A New Currency in Efforts to Tackle Economic Crisis

In the midst of Zimbabwe's persistent economic challenges, a glimmer of hope emerges with the introduction of ZiG, the nation's latest currency. With a history of currency instability and financial turmoil, Zimbabwe seeks to address its ongoing money crisis through this bold initiative.

ZiG, which went live digitally in early April, is Zimbabwe's most recent attempt to address its ongoing currency issue. The money was first introduced electronically, but it has now switched to physical banknotes and coins, marking a dramatic change in the country's monetary system. 

“The government prints the money so it should be the first to accept the currency and everyone else will follow,” said Gift Mugano, an economics professor at South Africa’s Durban University of Technology.
“Otherwise it is behaving like someone who feeds on takeaways but wants others to eat the food they cook,” Mugano said. “It becomes suspicious.”

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Because the ZiG is backed by the nation's gold reserves, according to the authorities, they have confidence in it. In an address on Monday, Mnangagwa stated that believing the ZiG was important for "our national identity and dignity.