Zimbabwe’s ZiG Currency Gains Traction Amid Payment System Shifts

Apr 17, 2024 | Business, Finance, News | 0 comments

Zimbabwe’s currency, the ZiG, has seen a notable strengthening this week as an increasing number of companies transition their payment systems to the unit. In a bid to mitigate volatility, authorities have pegged the ZiG to the price of gold. Additionally, Zimbabwe’s statistics agency will commence publishing inflation data in both the new currency and US dollars.

This marks the sixth attempt by the southern African nation to establish a functional local unit since 2008. By linking the ZiG to the price of gold, authorities aim to instill confidence in the currency and stabilise its value amidst past challenges with hyperinflation and currency devaluation.

The shift towards the ZiG in payment systems reflects a growing acceptance of the currency by businesses and consumers alike. As Zimbabwe continues its efforts to strengthen its financial infrastructure, the performance of the ZiG will remain closely watched as a key indicator of economic stability and resilience.