The Central Bank of Zimbabwe has distributed the country’s new currency, the ZiG, which was first introduced in digital form tied to the value of gold.
The country has struggled with an unstable currency for years, but now it will have one backed by reserves three times larger than its issuance.
The Reserve Bank of Zimbabwe has introduced Zimbabwe Gold, or the ZiG, in paper and coin form, following the new currency’s debut as a digital payment method in October. It replaces the Zimbabwean dollar and is backed by a basket of gold and foreign currencies.distributing the physical currency on April 29, and all of the country’s lenders had a supply of it by the end of that day, according to Bloomberg. The launch of the ZiG was announced on April 5, set to an exchange rate of 13.
“We want a solid and stable national currency in this country. It does not help to print money. Certainly under my watch it is not going to happen.”Bitcoin sub-$60K levels in focus after daily crypto liquidations near $300M
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