Zimbabwe Announces New Currency Called the ZiG

Zimbabwe, in its latest bid to end the serial slide of the local dollar, has replaced it with a new unit called the ZiG backed by a basket of foreign currency and gold. Bloomberg's Ondiro Oganga reports.

[benmungai]

This will be a game changer!!! If only it is managed by professionals invested in making Zimbabwe better, and not just lining their pockets.

[praveenspike]

Soon all legal tenders will follow, as this helps to reduce inflation.

[Bigchif]

Zim Gov: inflation is high how should we solve this, oh I know let's make another currency.

[Odiee]

Ondiro is on Bloomberg. Congratulations.

[LetterSignedBySpiesWasA-Coup]

They're trading in Zig Zags now... sounds about right.

[sirzechsquasar]

How is this even a solution 😭 how can you just change a currency when inflation happens. What kind of scams are these 😭

[GeorgeDoughty-me]

Gold "backed" currency is just more fiat. Does anybody believe that the gold is really there? Forget half measures, just use real, physical gold. End of problem.

[godofpebbles]

1. Does Zimbabwe have enough gold reserve in the first place?
2. If she doesn't, she won't be able to react to or control exchange rates
3. If gold prices fall, you are gonna face inflation, that you have no control over.
4. And when the government runs out of money to pay for its expenses, they are stuck with issuing debts
5. Or they can raise taxes (good luck with that)

I don't see how this helps, other than perhaps reseting the currency.

Switching from relying on foreign currency which you don't directly control. To gold which you also don't directly control. What's the difference?

[mylesmulenga-uzgd]

Whoever named it the zig has poor naming skills, but gold based currency will make economies very stable.

[badbad-cat]

Buying gold is the best investment right now

[godyrims]

Good move, real currency has gold backing it. Many countries have fiat currency, welldone Zimbabwe. Anyone with how currency is strengthened knows that's a superb move. Give it time and see

[mandingo_matty]

Where do we sell back the old zim currency to exchange for new?

[reynaldoflores]

All of the Zimbabwe top government leaders probably already have American dollars or European Euros stashed away in overseas Just to be safe 😊

[azmanrahim]

Perhaps govt should also back their currencies with locally produced long lasting foods such as corn and rice....ask the african muftis whether this idea and commodity backed tokens are

[pun]

United States just should stop helping bums and focus on us Americans top country best country 🇺🇸🇺🇲🇺🇲

[Unknown_someone]

Let’s hope this is a start of something new and beneficial

[cryptogamenonbelievers]

Finally this is epic time for zim to shine

[haydar]

Gold is real money 💰 all currencies including US dollar are paper currency

[jackmeoff]

well I had a patron leave billion on my wall guess its not worth even a free beer now

[harmoniousfrenchman]

The first gold backed currency in Africa. When all 55 currencies are backed by gold, they will create the AFRO, a continental gold backed currency.