Zimbabwe’s ZiG ranked as one of the world’s worst-performing currencies

At a time when Zimbabwe is planning a phased transition to a mono-currency system, with the goal of making the Zimbabwe Gold (ZiG) its sole legal tender by 2030, the ZiG has been ranked as one of the world’s worst-performing currencies, according to United States economist Professor Steve Hanke, who placed it sixth on his latest Hanke’s Currency Watchlist.

“On this week’s Hanke’s #CurrencyWatchlist, the Zimbabwe ZiG ranks as the WORLD’S 6th WORST currency. The ZiG has depreciated by 33% against the USD YoY,” Professor Hanke stated.

Introduced in April 2024 by the Reserve Bank of Zimbabwe (RBZ), the ZiG is supposed to be a gold-backed “structured currency” designed to stabilise the economy. The move marks Zimbabwe’s sixth attempt at currency reform since 2000.

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