Zimbabwe’s Gold-Backed Currency Confirmed as Legal Tender

By Nomathemba Mathe

The Reserve Bank of Zimbabwe (RBZ) has reaffirmed that the Zimbabwe Gold currency, known as ZiG, remains the nation’s legal tender, addressing growing concerns about its legality following the recent expiration of the Presidential Temporary Powers that initially established it.

Introduced under Statutory Instrument (S.I.) 60 of 2024 via Presidential Powers, the ZiG was launched as part of a strategic currency reform to stabilize Zimbabwe’s economy. Although the original instrument’s temporary nature raised doubts about the currency’s future, the Reserve Bank clarified that the expiration of these powers does not affect the permanence of the reform.

ZiG will continue to function as an official currency within Zimbabwe’s financial system. The recent enactment of the Finance Act further supports this decision, recognizing the ZiG’s status without requiring additional validation measures.

The Act bolsters the ongoing integration of the gold-backed currency into the country’s economy, confirming its stability and legal status.

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