3261) ZiG: The new Currency of Zimbabwe:
With the introduction of the ZiG, the new currency is the sixth attempt since 2008 to maintain a national monetary system, creating a new currency independent of the US dollar.
The Reserve Bank indicated the value of the ZiG will be determined by the spot price of gold as well as reserves of foreign currencies deposited at the Reserve Bank of Zimbabwe.
The opening exchange rate of the ZiG currency was set at US$ 1 = ZiG 13.56 ($US 0.073), while at the same time the Zimbabwe ZWL Dollar was removed from circulation after a 21-day conversion time-frame.
Thereafter only the ZiG was accepted as payment.
Zimbabwe however continues to maintain a multi-currency economy with the US Dollar and South African Rand.
The Reserve Bank has indicated they are committed to the multi-currency structure until at least 2030.
At the time of the ZiG’s introduction, the Reserve Bank introduced banknote denominations from 1 to 200 ZiG, indicating that coins would replace the three smallest banknote denominations.
Although all eight denominations of the ZiG have been printed and delivered, the Governor of the Reserve Bank, has indicated they will not introduce 50, 100 or 200 ZiG notes anytime soon over fears that larger denominated notes will fuel inflation.
As such, the three smallest denominations ZiG 1, ZiG 2, ZiG 5 will now be issued as coin with ZiG 10 and ZiG 20 circulating as banknotes.
The Reserve Bank has mentioned the planned production and introduction of 1⁄10 ZiG, 1⁄4 ZiG, and 1⁄2 ZiG though no date for their introduction has been indicated.
The ZiG is not to be confused with or associated with the “Mosi Oa Tunya”, the gold bullion coin launched by the Reserve Bank in 2022.
To date, Zimbabwean gold – ZiG cannot be used to purchase certain commodities such as fuel, services and prices of goods have also increased because the new ZiG currency has been reported in short supply.
The US Dollar remains the preferred mode of transaction but as smaller change in dollars is scarce, prices must be rounded up to the nearest US dollar. Zimbabweans are also holding on to their US dollars at home rather than depositing them in a bank, hindering the growth of the economy.
The circulation-type coins are minted from Nickel-plated steel, no information is presently available as to where the coins are produced.
1 ZiG – plain edge.
A depiction of the Flame Lily is shown on the obverse, the national flower of Zimbabwe.
To the lower right is the denomination 1 ZiG.
2 ZiG – Reeded edge.
Shown on the obverse is a depiction of the Great Zimbabwe Monument, ruins of a medieval city in the south-eastern hills near Lake Mutirikwe and the town of Masvingo. It is thought to have been the capital of a kingdom during the Late Iron Age.
To the upper right is the denomination 2 ZiG.
5 ZiG – Interrupted reeded edge. A depiction of Victoria Falls, a waterfall on the Zambezi River in southern Africa is seen on the Obverse.
It is located on the border between Zambia and Zimbabwe and is one of the world's largest waterfalls, with a width of 1708 metres or 5600 feet.
To the upper right is the denomination 5 ZiG.
On the reverse side, all coins depict the stone-carved Great Zimbabwe Bird which is the country’s official emblem, appearing on the national flag and coats of arms.
The soapstone carvings and monoliths are found in the ancient city of Great Zimbabwe built between the 12th and 15th centuries by ancestors of the Shona.
The carving is encircled within a ring of dashes with the text ZIMBABWE placed above the primary design along the rim.
The year of release 2024 is placed below:
Denomination Metal Weight Diameter: 1 ZiG Nickel-plated steel 3.75 g. 17 mm.
2 ZiG Nickel-plated steel 5.3 g. 20 mm.
5 ZiG Nickel-plated steel 7.5 g. 21 mm.
The Reserve Bank of Zimbabwe advises that sufficient quantities of ZiG coins in denominations of ZiG1, ZiG2 and ZiG5 were released to meet demand in order to conduct low-value transactions and reimburse for larger banknote denominations of 10 and 20 ZiG.
ZiG: The new currency of Zimbabwe:
1) ZiG: The new Currency of Zimbabwe
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