ZiG | |
---|---|
ISO 4217 | |
Code | ZWG (numeric: 924) |
Subunit | 0.01 |
Unit | |
Plural | ZiG |
Symbol | ZiG |
Denominations | |
Subunit | |
1⁄100 | cent not a formal subunit; used only in quoting stock prices in the Zimbabwe Stock Exchange |
Banknotes | ZiG10, ZiG20, ZiG50, ZiG100, ZiG200 |
Coins | ZiG1⁄10, ZiG1⁄4, ZiG1⁄2, ZiG1, ZiG2, ZiG5[1] |
Demographics | |
Date of introduction | 8 April 2024[2] |
Replaced | Zimbabwean dollar |
User(s) | Zimbabwe |
Issuance | |
Central bank | Reserve Bank of Zimbabwe |
Website | www |
The Zimbabwe Gold (ZiG; code: ZWG)[3] is the official currency of Zimbabwe since 8 April 2024,[2] backed by US$575 million worth of hard assets: foreign currencies, gold, and other precious metals.[4][5][6] It replaced the Zimbabwean dollar, which suffered from rapid depreciation, with the official exchange rate surpassing 30,000 Zimbabwean dollars per U.S. dollar on 5 April 2024, whilst the parallel market rate reached 40,000 per U.S. dollar.[7] Annual inflation in Zimbabwe hit 55.3% in March 2024.[8]
Although fractional denominations exist, the ZiG has no formal subdivisions. Cents are used by the Zimbabwe Stock Exchange, each indicating 1⁄100 of a ZiG.