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The ZiG currency was announced on 5 April 2024, taking the name from ZiG digital tokens, which are now available as GBDT. [15] The ZiG is Zimbabwe's sixth attempt since 2008 at creating a new currency that will make it independent of the US dollar. [16] Since the currency crisis of 2008–2009, Zimbabwe has a multi-currency system.
Gold-backed digital token, abbreviated as GBDT is an investment instrument used in Zimbabwe. It was formerly known as ZiG, but its name was taken by a newly created gold backed currency, the Zimbabwean ZiG, thus renaming this investment instrument to GBDT. [1] [2] The digital coins are not loanable. [3]
The once-prosperous southern African nation of 15 million people in April introduced a new gold-backed currency called ZiG, short for Zimbabwe Gold, to replace one that had been battered by ...
Zimbabwe on Tuesday started circulating a new currency to replace one that has been battered by depreciation and often outright rejection by the people. The ZiG was introduced electronically in ...
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.
The ZiG is the sixth currency used following the spectacular 2009 collapse of the Zimbabwe dollar amid hyperinflation of 5 billion percent, one of the world’s worst currency crashes.
The magnitude of the currency scalars signifies the extent of the hyperinflation. Zimbabwe's inflation of almost 25,000% in 2007. Hyperinflation in Zimbabwe is an ongoing period of currency instability in Zimbabwe which, using Cagan's definition of hyperinflation, began in February 2007. During the height of inflation from 2008 to 2009, it was ...
3 April – President Emmerson Mnangagwa declares a state of national disaster due to a drought that wipes out half the country's maize crop. [2]5 April – The Reserve Bank of Zimbabwe introduces the Zimbabwe Gold (ZiG) as the country's new currency to replace the Zimbabwean dollar as from 8 April.
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