Zimbabwe to introduce new currency and abolish the old one. The new currency is called ZiG or Zimbabwe Gold.
Back in 2008 there was a global financial crisis, countries were struggling with and so is Zimbabwe. It was dealing with hyper inflation prices on the rise, daily goods becoming very expensive, so the country’s Reserve Bank came up with the plan of 100 trillion dollar note, it was one of the world’s largest denominations of currency and it was to match with market prices. Now 100 trillion sounds like a lot of money with 14 zeroes, but it was worth less than half a dollar, around $0.40.
Zimbabwe has always struggled with money, they keep introducing new currencies this week was a 6th attempt since 2008. Now a new currency called the ZiG short for Zimbabwe gold and it will be backed by gold. What does that mean?
It means that its value will depend on Zimbabwe’s gold reserves. The new currency will come in a few denominations between 1 and 200, it will immediately replaced the old currency, the people of Zimbabwe have 21 days they must exchange their old notes for new ones and the old note is almost worthless.
Currently 1$ US dollar is worth around 30,000 Zimbabwe dollars. The new ZiG will be valued much higher 1 US dollar will be nearly 13.56 ZiG. Zimbabwe says it’s going to be a game changer, it will give the country a stable currency.
But can ZiG really do the magic? Not really.
Zimbabwe has long dealt with inflation in March was at 50%, the interest rate was at 130%, the economy is struggling, the Zimbabwe dollar is not worth the paper it’s printed on, which is why people don’t use it, 80%of all transactions are done with the US dollar, other foreign currencies are also used in this country like the South African Rand, the British pound, the Indian Rupee , the Japanese Yen and Chinese Yuan all of these are in circulation in Zimbabwe.
Even with the ZiG can Zimbabwe stabilize their economy?
Experts are skeptical: A gold back currency is not a new idea, countries have done it in the past, especially in the 19th century, was called the gold standard. Countries fix their currencies to gold, it led to rampant economic growth, but that change for the World War, soon gold standard became history, and that has been the case since, but now is Zimbabwe wants to replicate that success would comes with its own set of challenges. First of all, the volume of gold reserves Zimbabwe is back in its currency with gold, but it doesn’t have enough in reserve to prevent fluctuation.
Maintaining a stable exchange rate could be a problem and volatility. During the gold standard, the value of gold was kept stable, you’re not seeing major price fluctuations, countries work to ensure that gold prices remain stable, but this time Zimbabwe is doing it alone and gold does not have a stable value which exposes this currency volatility, so does that mean that ZiG will not work? Well, it’s too early to say this is a first for any country in the 21st century it’s almost like an experiment now. And no other country has a currency backed by gold.
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