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The Conversation
The Conversation
Jonathan Munemo, Professor of Economics, Salisbury University

Zimbabwe’s ZiG: devaluations won’t fix a currency that’s in trouble because of government overspending

United States Zimbabwe US Dollar Inflation

The Reserve Bank of Zimbabwe devalued the ZiG by 43% on 27 September 2024. This weakened the official exchange rate from 13.9 ZiG per US dollar to 24.4 ZiG per US dollar.

The ZiG (Zimbabwe Gold) is the nation’s newest currency and was launched in April 2024.

The unexpected devaluation was prompted by the need to contain resurgent exchange rate pressure which started back in August due to higher food import costs and a slide in mineral export sales. The central bank decided to ease this pressure by lowering the value of the currency instead of burning reserves to keep its value steady at 13.9 ZiG per dollar.

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