Can Zimbabwe’s ZiG win trust and replace the US dollar?

Harare, Zimbabwe – The government is trying to persuade citizens to use its own currency more widely, with the longer-term aim of reducing reliance on the US dollar. But after years of currency instability, many remain reluctant to trust the latest attempt. The Zimbabwe Gold (ZiG), introduced in April 2024, is a government effort to restore confidence in the local currency. The Reserve Bank of Zimbabwe (RBZ) says the currency is backed by foreign currency and precious metal reserves, including gold. Yet the challenge extends beyond introducing a new currency or strengthening its reserves.