Zimbabwean ZiG: Difference between revisions
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== Background == |
== Background == |
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ZiG currency was launched on 5 April 2024, taking the name from ZiG digital tokens which are now available as GBDT.<ref>{{Cite web |title=ZiG Currency |url=https://www.chronicle.co.zw/zimbabwe-gets-new-currency-zig-to-restore-stability/ |access-date=2024-04-06}}</ref> ZiG tokens were originally introduced on 5 October 2023 as a [[digital currency]] [[Gold standard|tied to gold]].<ref>{{Cite news |date=2023-10-10 |title=Gold-Backed Digital Currency Is Zimbabwe’s Way to Sway Love for Dollars |url=https://www.bloomberg.com/news/articles/2023-10-10/gold-backed-currency-is-zimbabwe-s-way-to-sway-love-for-dollars |access-date=2024-04-06 |work=Bloomberg.com |language=en |
ZiG currency was launched on 5 April 2024, taking the name from ZiG digital tokens which are now available as GBDT.<ref>{{Cite web |title=ZiG Currency |url=https://www.chronicle.co.zw/zimbabwe-gets-new-currency-zig-to-restore-stability/ |access-date=2024-04-06}}</ref> ZiG tokens were originally introduced on 5 October 2023 as a [[digital currency]] [[Gold standard|tied to gold]].<ref>{{Cite news |date=2023-10-10 |title=Gold-Backed Digital Currency Is Zimbabwe’s Way to Sway Love for Dollars |url=https://www.bloomberg.com/news/articles/2023-10-10/gold-backed-currency-is-zimbabwe-s-way-to-sway-love-for-dollars |access-date=2024-04-06 |work=Bloomberg.com |language=en}}</ref> |
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==Features== |
==Features== |
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Revision as of 06:28, 9 April 2024
ZiG | |
|---|---|
| File:ZimbabweCurrency 2024.webp new banknotes | |
| ISO 4217 | |
| Unit | |
| Plural | ZiGs |
| Symbol | ZiG |
| Denominations | |
| Banknotes | 1, 2, 5, 10, 20, 50, 100, 200 ZiG |
| Coins | Quarter ZiG, Half ZiG [1] |
| Demographics | |
| Date of introduction | 8 April 2024[2] |
| Replaced | Zimbabwean dollar |
| User(s) |  Zimbabwe |
| Issuance | |
| Central bank | Reserve Bank of Zimbabwe |
| Website | www |
The Zimbabwe Gold (ZiG) is the official currency of Zimbabwe since on 8 April 2024,[2] backed by US$575 million worth of hard assets: foreign currencies, gold, and other precious metals.[3][4][5] It replaced the Zimbabwean dollar, which has suffered from rapid devaluation, with the official exchange rate surpassing 30,000 Zimbabwean dollars per U.S. dollar, whilst the parallel market rate reached 40,000 per U.S. dollar.[6]
Background
ZiG currency was launched on 5 April 2024, taking the name from ZiG digital tokens which are now available as GBDT.[7] ZiG tokens were originally introduced on 5 October 2023 as a digital currency tied to gold.[8]
Features
RBZ, over the weekend of 6 April to 7 April 2024 released the currency features.[citation needed]
Denominations
Banknotes
Banknotes of Zimbabwe Gold will be introduced in eight denominations: 1, 2, 5, 10, 20, 50, 100 and 200 ZiG. They will begin circulating from 30 April 2024.[9][4]
The ZiG notes are made from cotton paper, have the Zimbabwe Bird as their watermark and are all equal in size, measuring 155 mm × 65 mm (6.1 in × 2.6 in)
| Value | Dimensions | Main colour | Obverse | Reverse | Watermark | Date of | Ref. | |||
|---|---|---|---|---|---|---|---|---|---|---|
| printing | issue | |||||||||
| 1 ZiG | 155 × 65 mm | Blue | Domboremari with trees | Liquid gold being moulded on top of a stack of 12 gold bars | Zimbabwe Bird and "RBZ" | 2024 | 8 April 2024 | [10] | ||
| 2 ZiG | 155 × 65 mm | Green | Domboremari with trees | Liquid gold being moulded on top of a stack of 12 gold bars | Zimbabwe Bird and "RBZ" | 2024 | 8 April 2024 | [10] | ||
| 5 ZiG | 155 × 65 mm | Pink | Domboremari with trees | Liquid gold being moulded on top of a stack of 12 gold bars | Zimbabwe Bird and "RBZ" | 2024 | 8 April 2024 | [10] | ||
| 10 ZiG | 155 × 65 mm | Navy blue | Domboremari with trees | Liquid gold being moulded on top of a stack of 12 gold bars | Zimbabwe Bird and "RBZ" | 2024 | 8 April 2024 | [10] | ||
| 20 ZiG | 155 × 65 mm | Peach and green | Domboremari with trees | Liquid gold being moulded on top of a stack of 12 gold bars | Zimbabwe Bird and "RBZ" | 2024 | 8 April 2024 | [10] | ||
| 50 ZiG | 155 × 65 mm | Brown | Domboremari with trees | Liquid gold being moulded on top of a stack of 12 gold bars | Zimbabwe Bird and "RBZ" | 2024 | 8 April 2024 | [10] | ||
| 100 ZiG | 155 × 65 mm | Olive green | Domboremari with trees | Liquid gold being moulded on top of a stack of 12 gold bars | Zimbabwe Bird and "RBZ" | 2024 | 8 April 2024 | [10] | ||
| 200 ZiG | 155 × 65 mm | Red | Domboremari with trees | Liquid gold being moulded on top of a stack of 12 gold bars | Zimbabwe Bird and "RBZ" | 2024 | 8 April 2024 | [10] | ||
| For table standards, see the banknote specification table. | ||||||||||
Coins
The coins will come in two forms, that is Half ZiG and Quarter ZiG. They will be introduced on 30 April 2024, alongside the banknotes.[citation needed]
Conversions
Exchange rates
The Zimbabwean dollar (ZWL) lost about 32% value on interbank in a two-day trading, moving from 22,950 to 33,903 per U.S. dollar. The conversion to ZiG, will be based on gold price and swap rate.[11][12] On a press release dated 6 April 2024, the Reserve Bank of Zimbabwe announced that ZWL would be converted to ZiG at an exchange rate of 2498.7242 ZWL for one ZiG.[13][14]
ZiG started trading on 8 April 2024 with an exchange rate of 13.56 ZiG per US dollar and was subsequently allowed to freely float.[15]
Zimswitch and banks
All banks and financial institutions were instructed to convert all ZWL balances, obligations and accounts to the new currency, ZiG.[2]
References
- ^ https://www.cajnewsafrica.com/2024/04/06/zimbabwe-introduces-new-zig-currency/
- ^ a b c "Zimbabwe Replaces Battered Dollar With New Gold-Backed Currency Called ZiG". Bloomberg.com. 2024-04-05. Retrieved 2024-04-05.
- ^ Chikandiwa, Tafadzwa Mhlanga and Harriet. "US$575m war chest to anchor new currency". The Zimbabwe Independent. Retrieved 2024-04-05.
- ^ a b "Zimbabwe Launches New Gold-backed Currency". AFP. 5 April 2024 – via Barrons.
- ^ Agbetiloye, Adekunle (2024-04-05). "Zimbabwe's new gold-backed currency ZiG to replace its dollar in April". Business Insider Africa. Retrieved 2024-04-05.
- ^ "Zimbabwe introduces new gold-backed currency to tackle inflation". Al Jazeera. Retrieved 2024-04-06.
- ^ "ZiG Currency". Retrieved 2024-04-06.
- ^ "Gold-Backed Digital Currency Is Zimbabwe's Way to Sway Love for Dollars". Bloomberg.com. 2023-10-10. Retrieved 2024-04-06.
- ^ "ZiG Begins Trading as Zimbabwe Banks Struggle With the Switch". Bloomberg.com. 2024-04-08. Retrieved 2024-04-08.
- ^ a b c d e f g h "ZiG Posters" (PDF). Reserve Bank of Zimbabwe. Harare. 6 April 2024. Archived from the original (PDF) on 8 April 2024. Retrieved 8 April 2024.
- ^ "Zimbabwe new currency". Chronicles. Retrieved 2024-04-06.
- ^ "Zimbabwean dollar balances shrink in value amid ZiG currency launch". www.thezimbabwean.co. Retrieved 2024-04-06.
- ^ "Press Statement" (PDF). Reserve Bank of Zimbabwe. 6 April 2024. Archived from the original (PDF) on 9 April 2024. Retrieved 9 April 2024.
- ^ "RBZ satisfied with currency switch progress". The Herald. 8 April 2024. Archived from the original on 8 April 2024. Retrieved 8 April 2024.
- ^ Ndlovu, Ray (8 April 2024). "ZiG Debuts in Zimbabwe's Sixth Effort at a Revamped Currency". Bloomberg. Archived from the original on 9 April 2024. Retrieved 9 April 2024 – via Yahoo! Finance.
| Preceded by: Zimbabwean dollar Reason: inflation Ratio: 2498.7242 ZWL = 1 ZiG |
Currency of Zimbabwe 8 April 2024 – |
Succeeded by: Current |
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