Zimbabwe is trying to revive the ZiG and cut US dollar reliance, but years of currency collapse have left many people unwilling to save or spend in it.
01Summary
- 01The ZiG was introduced in April 2024 and is backed by foreign currency and precious metal reserves, including gold.
- 02Zimbabwe abandoned its local currency in 2009 after hyperinflation, then reintroduced a domestic currency in 2018.
- 03Primary school teacher Charles Mbwandarikwa says he receives about a third of his salary in ZiG and quickly exchanges it, after losing pension savings in 2009.
- 04The Reserve Bank of Zimbabwe said annual ZiG inflation was 3.7 percent last month and it introduced upgraded banknotes on April 7.
- 05Retailer Sesedzai Chigumira says she has made only a handful of sales in ZiG, showing how limited its use remains in business.
02Why it matters
The ZiG’s success would affect how Zimbabweans are paid, save and shop, and whether the country can steadily reduce dependence on the US dollar. If trust does not grow, currency instability will continue to shape daily life and business decisions.
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