Harare: Zimbabwe has introduced the world’s newest currency. In order to overcome the economic crisis, Zimbabwe on Tuesday started the circulation of a new currency ‘Zig’. This currency has been introduced to replace the old currency, which has been affected by depreciation and loss of people’s trust. The jig was introduced electronically in early April, but now people can use it in the form of banknotes and coins. This is the southern African country’s latest attempt to stop its long-running currency crisis.
The government had previously floated various ideas to replace the Zimbabwe dollar, including options such as introducing gold coins and a digital currency to curb inflation. ZIG is short for Zimbabwe Gold and is backed by the country’s gold reserves. However, despite this people are not able to believe it. Some government departments have also refused to accept it. The zigzag is the sixth currency used by Zimbabweans since the collapse of the Zimbabwean dollar in 2009.
Ban removed from US dollar
To deal with this crisis, first the US dollar was given the status of legal tender, then it was banned and then the ban was lifted. People are still refusing to take the jig. The US dollar still seems safe to them. The government has allowed some businesses, such as gas stations, to refuse to accept Zig. Some government offices like the passport department are also accepting only US dollars. 30 April (AP)
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