Zimbabwe Gold

The Zimbabwe Gold (ZiG; code: ZWG) is the official currency of Zimbabwe since 8 April 2024, backed by US$1.6 billion worth of hard assets: foreign currencies, gold, and other precious metals. It replaced the 2019–2024 Zimbabwean dollar, which had suffered from rapid depreciation, with the official exchange rate surpassing 30,000 Zimbabwean dollars per US dollar on 5 April 2024, whilst the parallel market rate reached 40,000 per US dollar. Prior to the introduction of the ZiG, annual inflation in Zimbabwe hit 55.3% in March 2024. Though, in the first six months after its introduction the ZiG lost half of its value, later the exchange rate of the ZiG stabilized and since November 2024 the rate has been around 25 to 27 ZiG per US Dollar. The ZiG is notionally divided into 100 cents, which were first used by the Zimbabwe Stock Exchange before the currency had an ISO code. Cents were officially recognised by the Reserve Bank of Zimbabwe when a currency code for the Zimbabwe Gold was introduced in June 2024. However, the smallest coin is 1 ZiG.