New Student User- Use Code HELLO

Register Now

A new gold-backed currency called ZiG has been introduced by Zimbabwe

Published on April 09, 2024
Current Context: Zimbabwe has indeed introduced a new gold-backed currency called ZiG, which stands for "Zimbabwe Gold" on 8th April 2024.

A new gold-backed currency called ZiG has been introduced by Zimbabwe
  • This is the latest attempt by the country to stabilize an economy that has faced numerous crises over the past 25 years.
  • The new banknotes come in denominations from 1 to 200.
  • The ZiG replaces the Zimbabwean dollar, the RTGS, which had lost three-quarters of its value so far this year.
  • However, the US dollar, which accounts for 85% of transactions, will remain legal tender.
  • The new currency was rolled out with immediate effect and banks must convert current Zimbabwe dollar balances to the ZiG.
  • The central bank has committed to ensuring that the amount of local currency in circulation is backed by an equivalent value in precious minerals - mainly gold - or foreign exchange.
  • It’s also worth noting that the ZiG is not a physical form of currency.
  • It is a digital token backed by gold.
  • The value of ZiG is linked to the price of gold, but it operates as a digital asset rather than a physical banknote or coin.


Q.1 What is the name of the new currency introduced by Zimbabwe?
a. Zimbabwean Dollar
b. ZiG
d. US Dollar
ebook store

About us

ramandeep singh

Ramandeep Singh, your guide to banking and insurance exams. With 14 years of experience and 5000+ selections, Ramandeep understands the path to success, having transitioned himself from Dena Bank and SBI. He's passionate about helping you achieve your banking and insurance dreams.

  • Follow me:
Close Menu
Close Menu