Zimbabwe’s currency ZiG-zag
The central bank has introduced its sixth local currency in yet another attempt at monetary stability. But Zimbabweans are having none of it
18 April 2024 - 06:00
The ink is barely dry on Zimbabwe’s new currency, Zimbabwe Gold, or ZiG, and talk of its imminent failure is rife.
The reason is simple: this is the sixth iteration of the local currency and Zimbabweans have lost faith in local tender — even though the central bank says this one is backed by 2,522kg of gold and about $100m in foreign exchange currency reserves...
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