The Reserve Bank of Zimbabwe has created a new currency called Zimbabwe Gold (ZiG), available in paper and coin form, to replace the previous Zimbabwean dollar. This new currency, backed by a combination of gold and foreign currencies, was initially launched as a digital payment method in October. The physical distribution of ZiG began on April 29, and by the end of the day, all lenders in the country had access to it. The exchange rate for ZiG was set at 13.56 to the U.S. dollar when it was announced on April 5.

Even though digital trading in ZiG started on April 2, the currency was originally introduced back in October, pegged to the price of gold. Transitioning to this new currency disrupted the local stock market, with businesses expected to pay at least half of their taxes in ZiG. The central bank made some significant changes alongside the introduction of the new currency, including lowering the interest rate from a world-high of 130% to 20%. According to the governor of the central bank, John Mushayavanhu, this move will reduce Zimbabwe's inflation rate from 55% to just 2% per year. Currently, a large majority of transactions in the country are conducted using U.S. dollars, as the value of the Zimbabwean dollar had plummeted by 75% in the current year.

The value of ZiG is supported by 2.5 tons of gold and $100 million in foreign currency reserves, totaling $285 million, three times the value of currency being issued. The central bank's goal with the new currency is to establish a solid and stable national currency without resorting to money printing. Despite being a significant player in Africa's cryptocurrency use during 2023, the International Monetary Fund did not support the introduction of the gold-backed currency when it was initially proposed in April 2023.