Harare’s Long-term Goals with the ZiG

Zimbabwean President Emmerson Mnangagwa hinted that the nation’s new bullion-backed currency will be the sole legal tender before a 2030 deadline to end the current multicurrency system. The change would mean that US dollars, now used in more than 80% of transactions, would no longer be allowed. Last October, Mnangagwa extended dollar use by five years until 2030, in a move meant to allay growing concerns about the looming currency policy changes. The ZiG is the nation’s sixth attempt in 15 years to have a functioning local currency. Launched in early April, it’s backed by 2.5 tons of gold and $100-million in foreign-currency reserves held by the central bank.
 

DAILY MAVERICK