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Zimbabwe is set to unveil a new currency on Tuesday, marking its third attempt at stabilizing its economy in the past decade.
The currency, known as Zimbabwe Gold (ZiG), includes physical banknotes and coins, alongside a digital version launched earlier this month, as part of efforts to curb hyperinflation in the country.
Despite hopes of stability, signs of trouble are emerging as the digital ZiG has already depreciated by 25% against the US dollar on the black market. The central bank has emphasized that ZiG is backed by gold and foreign currency reserves to maintain its value.
The highest denomination available is the 200 ZiG note, equivalent to about $15 USD. Individuals will be permitted to withdraw up to ZiG 3,000 per week, while companies can withdraw up to ZiG 30,000.
Interestingly, there are notable exemptions from withdrawal limits. The parliament, courts, and international organizations are reportedly not subjected to any cash withdrawal restrictions, according to local media reports.
This rollout comes as Zimbabwe attempts to address economic challenges that have persisted over the years, prompting frequent currency adjustments in efforts to stabilize its financial system.
