ZiG, short for Zimbabwe Gold, was unveiled on April 5.
The International Monetary Fund welcomed Zimbabwe’s introduction of a new gold-backed currency as a positive step, in its first substantive comment on the ZiG since it was introduced last month. “The introduction of ZiG represents an important policy action accompanied by several complementary policy changes — including monetary, exchange rate, and fiscal policy measures,” a spokesperson for the Washington-based lender said in an emailed response to Bloomberg questions.
The central bank hopes to get it right this time by promising not to print any more ZiG unless they are backed by reserves. It’s also explicitly pledged not to finance government spending by printing money, which scuppered past versions of the local currency and has seen the economy shift predominantly to transacting in US dollars.
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