SANN News
Zimbabwe’s central bank has launched Zimbabwe Gold (ZiG) as its new currency, starting April 8. The Zimbabwe Stock Exchange (ZSE) has stated that all share prices would be denominated in ZiG, reflecting the starting prices for trading sessions. The new currency is supported by a basket of foreign exchange reserves and precious metals, mostly gold, held by the central bank.
The Governor of the Reserve Bank of Zimbabwe, John Mushayavanhu, indicated that the central bank has a total of 285 million US dollars in reserves to support the new currency. Zimbabwe implemented a multi-currency regime in 2009 to help stabilize the economy following years of hyperinflation.
In 2019, the government abolished the various currency system and reinstalled the Zimbabwe dollar as the single legal money. Since then, the US dollar has become more widely used in the economy, accounting for more than 85% of foreign transactions.
