Zimbabwe's ZiG Ranked as One of the World's Worst-Performing Currencies
Zimbabwe is planning a phased transition to a mono-currency system, aiming to make the Zimbabwe Gold (ZiG) its sole legal tender by 2030.
According to United States economist Professor Steve Hanke, the ZiG has been ranked as one of the world's worst-performing currencies, placing sixth on his latest Hanke's Currency Watchlist.
The ZiG = A Zag.
Professor Hanke stated:
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.
The ZiG, introduced in April 2024 by the Reserve Bank of Zimbabwe (RBZ), is a gold-backed “structured currency” designed to stabilise the economy, marking Zimbabwe's sixth attempt at currency reform since 2000.
Author's summary: ZiG ranked 6th worst currency globally.
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