Zimbabwe's New Currency ZiG

SOURCE www.npr.org
Zimbabwe introduces a new currency called ZiG in an attempt to resolve economic turmoil, but citizens are still predominantly using US dollars due to a lack of ZiG circulation and understanding. The currency is already devalued and facing challenges in gaining acceptance in the market.

Key Points

  • Zimbabwe facing economic turmoil for decades
  • Citizens still prefer using US dollars over ZiG
  • Black-market Forex traders operating through private channels
  • Elite members criticized for continuing to use foreign currencies

Cons

  • Lack of ZiG circulation and understanding among citizens
  • Currency already devalued and trading at a different rate than intended