🇿🇼 Zimbabwe Aims to Reduce US Dollar Dominance, Betting on Its Own Currency, ZiG!

After years of currency crises, Zimbabwe is trying to reduce its dependence on the US dollar by expanding the use of its own currency, Zimbabwe Gold (ZiG). Introduced in April 2024, the currency is backed by gold and foreign currency reserves, according to the country’s central bank.

However, many Zimbabweans remain reluctant to trust the ZiG after losing their savings during previous currency collapses. The US dollar also remains widely used in business and trade.

Zimbabwe’s de-dollarization strategy faces a major challenge: restoring public confidence by ensuring the stability and purchasing power of its own currency.

Source: Al Jazeera

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