Official government releases or major Zimbabwean news outlets

Zimbabwe Shifts to Gold-Backed Currency, Enforces Official Exchange Rate

May 10, 2024, 08:25 AM

Zimbabwe has announced a significant shift in its monetary policy by converting its annual budget to a new gold-backed currency, the ZiG, which was introduced in April. The government is also implementing regulations to enforce the use of the ZiG, mandating that all goods and services within the economy be priced using the official exchange rate. Additionally, measures are being put in place to penalize individuals and businesses that do not adhere to the official exchange rate, with fines for those using inflated rates.