Currency functionality: ZiG as a medium of exchange in fuel

On Friday, the 5th of April 2024, the Central Bank announced a set of new monetary policy measures, along with a new currency, the Zimbabwe Gold (ZiG) which replaced the ZWL.

The RBZ governor went on to claim that the Bank has sufficient reserves to back and preserve the value of the new currency, while notably alluding that fuel will be sold in any preferred currency by the retailers since the multicurrency will be retained until 2030. The lack of enforcement on ZiG as a medium of exchange in the purchase of fuel has raised concerns on whether the RBZ has confidence in its new baby.

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