Zimbabwe Gold
Currency · ZWG · 1 country
The Reserve Bank of Zimbabwe launched the Zimbabwe Gold, or ZiG, on 8 April 2024 to replace a collapsing Zimbabwean dollar. The bank calls it a structured currency, anchored by reserves of foreign currency and precious metals, mainly gold. It circulates beside foreign money: in April 2024 US dollars made up four fifths of Zimbabwe's transactions.
No sign of its own
The ZiG has no sign of its own. Amounts are written with its short name before the figure, as in ZiG10, or with the ISO code, ZWG10. The name comes from the gold-backed digital tokens the Reserve Bank issued before the currency existed.
- ISO code
- ZWG
- ISO number
- 924
- Subunit
- cent, 1/100
An amount, written out
ZWG 1,234.50
- ZWG 1,234.50English
Where the Zimbabwean gold is the official currency
ISO 4217 lists the ZiG as Zimbabwe's one currency, though US dollars, in wide use there since 2009, still change hands beside it.
About the Zimbabwean gold
Why Zimbabwe tried its own money again
Zimbabwe adopted a multi-currency system in 2009, after the hyperinflation of the fourth Zimbabwean dollar, and for ten years had no currency of its own. In 2014 its central bank added the Australian dollar, the Chinese yuan, the Indian rupee and the Japanese yen to the currencies allowed. A new Zimdollar arrived in February 2019 at par with the US dollar and was quickly devalued. From June 2019 to March 2020 the government required every transaction to be made in it, until the rule proved impractical. Foreign currencies came back into everyday use.
On 5 April 2024, with the Zimdollar in steep depreciation, the Reserve Bank announced the ZiG in a monetary policy statement. Banks converted their Zimdollar balances at once. The public got 21 days to hand in old notes and coins.
What the Reserve Bank says backs it
The bank anchored the new currency to "a composite basket of foreign currency and precious metals (mainly gold) held as reserves for this purpose". At the launch it reported US$100 million in cash and 2.52 tonnes of gold worth US$185 million.
The name came from the ZiG, the gold-backed digital tokens the bank had issued earlier.
In its first six months the ZiG lost half its official value, and the Monetary Policy Committee tightened policy in late September 2024. By June 2025 the bank reported reserves of US$701 million and said the currency had more than 100% reserve cover. The IMF welcomed the stability that month. It also urged tighter limits on money growth and a more transparent foreign exchange market. Traders on the parallel market put the steadiness down to a scarcity of ZiG.
How the notes and coins came out
The bank unveiled eight notes, from 1 to 200 ZiG, on 5 April 2024. Only two reached circulation. The 10 ZiG came out on 30 April and the 20 ZiG on 13 May. The 1, 2 and 5 were struck as coins instead, and on 30 May 2024 the bank postponed the 50, 100 and 200, saying they would fuel inflation; they were never released. Every note of that series showed Domboremari, the balancing rocks, with a QR code, and on the back liquid gold poured over a stack of twelve gold bars.
A second series, called BiG5, was unveiled on 27 February 2026, with one of the Big Five game animals on each front. The 10, 20 and 50 ZiG entered circulation on 7 April 2026, and the 100 and 200 are to follow.
Is the ZiG gaining ground
The Reserve Bank put the ZiG's share of transactions at 26% in April 2024 and 43% in May 2025. Both figures are the bank's own. Companies must pay half their quarterly taxes in ZiG. The Reserve Bank calls it the national currency, and the ISO 4217 list names it as Zimbabwe's only one, even though US dollars still change hands beside it.
Common questions
Questions about the Zimbabwean gold
What does ZiG stand for?
Zimbabwe Gold. The Reserve Bank took the name from its earlier ZiG digital tokens, which were backed by gold, and gave it to the currency it launched on 8 April 2024. The ISO code is ZWG. The ZiG is notionally split into 100 cents, recognised by the bank when the code arrived in June 2024, though coins start at 1 ZiG.
Is the ZiG backed by gold?
The Reserve Bank says it is anchored by a basket of foreign currency and precious metals, mainly gold, held in reserve. At the launch in April 2024 the bank reported US$100 million in cash and 2.52 tonnes of gold. In June 2025 it reported reserves of US$701 million and more than 100% cover. Doubts persisted: the IMF urged tighter limits on money growth, and parallel market traders credited the currency's stable rate to a shortage of ZiG rather than to restored confidence.
Can US dollars still be spent in Zimbabwe?
Yes, in practice. US dollars have been in wide use in Zimbabwe since 2009, apart from the spell in 2019 and 2020 when the government required every transaction in its own currency, and the ZiG was launched to circulate alongside foreign money. The ISO 4217 list names the ZiG alone as the country's currency. In April 2024 US dollars made up four fifths of transactions, and in June 2025 Reuters reported that most people still paid for most purchases in dollars.
Why were some ZiG banknotes never issued?
The Reserve Bank unveiled eight notes in April 2024 but on 30 May postponed the 50, 100 and 200 ZiG, saying their release would fuel inflation. They never appeared. The 1, 2 and 5 ZiG notes were cancelled and issued as coins, which left the 10 and 20 as the only notes of the first series. The BiG5 series of 2026 brought a 50 ZiG note into circulation on 7 April 2026.