By A Correspondent

In a move aimed at stabilizing its tumultuous economy, Zimbabwe recently introduced a new currency, the ZiG, alongside a new international currency code, ZWG.

This development marks a significant step in the government’s efforts to address longstanding economic challenges and hyperinflation that have plagued the nation for years.

Announced on Thursday, the introduction of the ZWG code alongside the ZiG currency signals the government’s intention to bolster confidence in its monetary system. According to the official statement, “Zimbabwe’s international currency code is now ZWG, after the introduction of the ZiG in April.

The codes ZWL and ZWG will run concurrently from June 25, 2024, to August 31, 2024, when the ZWL code is set to expire.”

The decision to implement a new currency and currency code reflects Zimbabwe’s ongoing struggle to stabilize its economy amidst hyperinflation and currency devaluation.

The ZiG, introduced in April, aims to streamline transactions and restore faith in the local monetary system, which has been marred by years of economic turmoil.

Economic analysts and stakeholders have varied opinions on whether the ZiG and its accompanying ZWG code will have a lasting impact on Zimbabwe’s economy.

Some experts cautiously welcome the move, noting that a stable currency and clear monetary policies are crucial for economic recovery.