New Reserve Bank of Zimbabwe Governor John Mushayavanhu said the Zimbabwe Gold (ZiG), would replace the last incarnation of the Zimbabwe dollar, and would be backed by a select group of foreign currencies, gold and other precious metals the country produces. The new currency will be introduced next Monday at 13.56 per U.S. dollar.
“With effect from 5 April 2024, banks shall convert the current Zimbabwe dollar balances into the new currency which shall be called Zimbabwe Gold to foster simplicity, certainty, and predictability in monetary and financial affairs,” the central bank said in a monetary policy statement. “The new currency will co-circulate with other foreign currencies in the economy.”