Zimbabwe Introduces New Currency Amid Skepticism

• Zimbabwe has launched a new currency called the ZiG (short for Zimbabwe Gold) in an attempt to address the country’s long-running currency crisis. The ZiG, backed by Zimbabwe’s gold reserves, was introduced electronically in early April and has now been released in banknote and coin form.
• Despite being the sixth currency since the collapse of the Zimbabwe dollar in 2009, the ZiG is already facing mistrust and rejection from some quarters. Several government departments and businesses are refusing to accept the new currency, preferring to stick with the U.S. dollar, which remains the most trusted currency among Zimbabweans.
• President Emmerson Mnangagwa has urged Zimbabweans to trust the ZiG, calling it a matter of “national identity and dignity.” However, after decades of economic turmoil and repeated currency failures, many remain skeptical about the new currency’s prospects.
• As the ZiG enters circulation, its fate remains uncertain, with Zimbabweans torn between the allure of a new currency and the safety of the tried-and-true U.S. dollar.

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Published date : 03 May 2024 11:01AM