Zimbabwe's new currency has gone into circulation. The introduction of the Zimbabwe Gold or Zig, is the government's latest attempt to tackle hyperinflation.

Harare

Zimbabwe has unveiled the Zimbabwe Gold, or ZIG, as its new currency in an effort to curb the severe inflation that has plagued the country. The ZIG replaces the Zimbabwean dollar, which has depreciated significantly this year, losing three quarters of its value. Zimbabwe's government hopes that by backing the new currency with gold reserves and foreign currencies, they can restore public confidence and stabilize the economy.

Brian Pazabambwa, a resident affected by the country's economic challenges, expressed cautious optimism about the potential impact of the ZIG on his daily life. He highlighted the importance of the gold-backing as a trust-building measure among the populace. The central bank has assured that it will avoid excessive printing of the new notes to prevent inflationary pressures, suggesting a disciplined approach to currency management.

Despite the introduction of the ZIG, many transactions in Zimbabwe, including payments for import duties, rent, and fuel, continue to be made in US dollars, reflecting the enduring reliance on foreign currency for stability. Illegal currency trading has been targeted by police as the government seeks to encourage the use of official channels for currency exchange. The reliance on the US dollar for significant transactions underscores challenges in gaining widespread acceptance for the ZIG.

In the capital's major markets, the ZIG notes have yet to circulate widely, with the US dollar still being the preferred medium of exchange for many. The historical instability of Zimbabwe's currency has led to a cautious approach from both consumers and traders. The success of the Zimbabwe Gold in achieving its intended purpose of inflation control and economic stabilization will be contingent on its ability to maintain its value and earn the confidence of the Zimbabwean people.



Zimbabwe’s new currency in circulation to counter inflation

Brian Pazabambwa says it's too soon to know if this new currency, Zimbabwe Gold or ZIG, will make a difference to his daily life. Like millions of other people living in a country with one of the highest inflation rates in the world, he wants Zimbabwe's economy to improve. Since the currency is backed up by something that we can trust, which is in gold form, it means that we have some more confidence in this currency, which means that it will enforce trust within the public. The ZIG replaces the Zimbabwean dollar, which lost three quarters of its value this year, and is backed by gold reserves and foreign currencies. The central bank has promised not to print excessive volumes of the new notes or flood the market. It disciplines government in the sense that you can't increase reserve money without there being a corresponding increase in the gold reserves or even in foreign exchange reserves. I think it's very important for there to be transparency and probably some audit to determine the exact or the specific amount of reserves that we actually have. But commodities such as import duties, rent and fuel are paid with US dollars. That means Zimbabweans still have to change the ZIG into US dollars. The police have been arresting illegal money changers for operating without a license and for undermining the new currency. Government leaders want people to change their money in Zimbabwe's banks and not on the unofficial market. Politicians want Zimbabweans to have confidence in the new currency. At one of the largest markets in the capital, many here haven't seen the ZIG notes yet. People are buying and selling mainly in US dollars. They say over the years it's been more stable than Zimbabwe's money. If the new ZIG currency doesn't lose value rapidly, that could change sentiments here. Harima Tassa, Al Jazeera, Harare.

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