What Currencies Are Used in Zimbabwe?

As of 2024, Zimbabwe uses the ZiG (Zimbabwe Gold) as its official currency, alongside USD and other foreign currencies.

What Are the Currencies of Zimbabwe? (2024 Update)

Zimbabwe has one of the most complex and turbulent currency histories in modern economics. After years of hyperinflation, dollarisation, and failed reintroductions of local money, the country now operates a multi-currency system. As of 2024, several currencies are legally used in Zimbabwe, but one is officially promoted as the main local currency.

1. Zimbabwe Gold (ZiG) — Main Local Currency (2024–present)

In April 2024, Zimbabwe introduced a new currency called the Zimbabwe Gold (ZiG), which replaced the previous Zimbabwean dollar (ZWL) due to its collapse.

  • Backed by: Gold and other foreign reserves

  • Issued by: Reserve Bank of Zimbabwe (RBZ)

  • Purpose: To stabilise inflation and restore confidence

  • Pegged to: A weighted value based on gold and hard currency

ZiG banknotes and coins are now in circulation and used for domestic transactions. All bank balances in Zimbabwe dollars (ZWL) were converted into ZiG on a fixed conversion scale.

2. US Dollar (USD) — Widely Used and Trusted

Despite government efforts to promote local currency, the US dollar remains:

  • Legally accepted

  • Widely preferred by the public

  • Dominant in pricing high-value goods (fuel, school fees, rent)

In many urban centres, USD is the de facto currency of choice due to its relative stability.

3. South African Rand (ZAR) and Other Foreign Currencies

Other currencies are also accepted in Zimbabwe under the official multi-currency framework:

  • South African rand (ZAR)

  • Botswana pula (BWP)

  • British pound (GBP)

  • Euro (EUR)

These are less common than the USD but are sometimes used in border towns or by individuals with cross-border incomes.

Timeline of Zimbabwe’s Currency Shifts

  • 2009: Zimbabwe abandoned its own currency after hyperinflation, adopting the US dollar and other foreign currencies

  • 2016: Introduced bond notes, meant to act as a proxy for USD—widely mistrusted

  • 2019: Reintroduced the Zimbabwean dollar (ZWL)—rapid devaluation followed

  • 2020–2023: Dual currency system (USD and ZWL) continued with inflation and black market rates

  • 2024: ZiG (Zimbabwe Gold) launched to anchor value to gold and reduce inflation

Practical Use in Zimbabwe

  • Most shops now accept both ZiG and USD

  • Cash shortages still exist, especially for small denominations

  • Digital payments (via EcoCash, ZIPIT, or local banks) are popular for small transactions

  • Black market rates still influence pricing in some sectors