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Annual inflation in Zimbabwe hit 55.3% in March 2024. [8] The ZiG is notionally divided into 100 cents, which were first used by the Zimbabwe Stock Exchange before the currency had an ISO code. Cents were officially recognized by the Reserve Bank of Zimbabwe when a currency code for the Zimbabwe Gold was introduced in June 2024. [9]
White immigration to the Company realm was initially modest, but intensified during the 1900s and early 1910s, particularly south of the Zambezi. The economic slump in the Cape following the Second Boer War motivated many white South Africans to move to Southern Rhodesia, and from about 1907 the company's land settlement programme encouraged more immigrants to stay for good. [5]
The White House and White Africa: Presidential Policy Toward Rhodesia During the UDI Era, 1965-1979 (New York: Routledge, 2019). ISBN 9781138319998; online review; Mlambo, Alois. History of Zimbabwe (Oxford University Press, 2014) Raftopoulos, Brian & Alois Mlambo, Eds. Becoming Zimbabwe.
Indigenisation in the public services displaced many white people. The result was that white emigration gathered pace. In the ten-year period from 1980 to 1990, approximately two-thirds of the white community left Zimbabwe. [47] However, many white people resolved to stay in the new Zimbabwe; only one-third of the white farming community left.
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On 5 April 2024, the Reserve Bank of Zimbabwe announced a new currency to be introduced on 8 April 2024, called the Zimbabwe Gold (ZiG), replacing the Zimbabwean dollar. ZiG is to be backed by a basket of reserves comprising foreign currency and precious metals (mainly gold). Zimbabweans were given 21 days to convert their cash into ZiG.
Zimbabwe has been in talks with creditors, led by the African Development Bank, since 2022 to restructure its $21 billion in debt, with the white farmers’ compensation a sticking point. In 2020, President Emmerson Mnangagwa’s government signed a compensation deal with the white farmers.