What is the name of Zimbabwe's new currency introduced in 2024?

Zimbabwe’s new currency introduced in 2024 is Zimbabwe Gold, abbreviated ZiG. It became Zimbabwe’s official currency on 8 April 2024, replacing the rapidly depreciating Zimbabwean dollar.

The Reserve Bank of Zimbabwe announced ZiG on 5 April 2024. The name reflects the currency’s intended backing by a reserve basket containing foreign currencies, gold, and other precious metals. The bank said the reserve assets were worth about US$900 million at launch. Existing Zimbabwean-dollar balances and obligations were converted into ZiG at an announced rate.

ZiG was created after another severe loss of confidence in Zimbabwe’s local money. It began trading at 13.56 ZiG per US dollar and was allowed to float. Foreign currencies, especially the US dollar, continued to circulate alongside it, so “the currency of Zimbabwe” and “the currency most commonly used in everyday transactions” are not always identical questions.

The main trap is “Zimbabwean dollar,” which was the predecessor currency. South African rand and US dollars have also been used in Zimbabwe, but neither is the name of the new 2024 national currency.