Zimbabwe has officially launched a new gold-backed currency, the Zimbabwe Gold (ZiG), as part of a strategic move to stabilise its economy and curb rampant inflation. This major administrative shift aims to replace the long-struggling Zimbabwean dollar and gradually phase out the widespread use of the US dollar in domestic transactions by 2030. The Reserve Bank of Zimbabwe (RBZ) announced the finalisation of a formal roadmap to support this transition, underpinning the ZiG with significant gold and foreign currency reserves.
Key Players Involved
- Reserve Bank of Zimbabwe (RBZ): Initiated and implemented the new currency policy.
- Zimbabwean Government: Endorsed the de-dollarisation plan to stabilise the economy.
- World Bank: Reportedly warned Zimbabwe that rapidly ending the use of foreign currencies could trigger capital flight and disrupt economic stability.
Event Timeline
- September 7, 2026: The Reserve Bank of Zimbabwe announced the introduction of the gold-backed ZiG currency.
- September 7, 2026: Banks were instructed to convert existing Zimbabwean dollar balances into ZiG with immediate effect.
- Next 21 Days: Citizens have a 21-day window to exchange old notes and coins for the new ZiG currency.
