Why is Zimbabwe launching a new currency?

What in the World

• Episode: Why is Zimbabwe launching a new currency?
• Website: What in the World
• Feed URL: https://podcasts.files.bbci.co.uk/w13xtvrv.rss
• Duration: 00:14:24
• Published: 2024-05-02 15:31

Zimbabwe has a brand new currency; it’s called the ZiG (Zimbabwe Gold) and it’s backed by the country’s gold reserves. This is the third time they’ve launched a new currency in ten years and 80% of transactions in the country are now carried out in US dollars. Can the government persuade its citizens that this one will remain stable and not deflate?

The BBC’s Zimbabwe correspondent Shingai Nyoka explains how people pay for stuff in the country and why the government has brought in a new currency. Two guys in Harare tell us what they make of the ZiG, and whether they’re using it instead of the US dollar.

Also Baldeep Chahal from the What in the World team brings us some other examples of countries changing their currency and chats about whether it ever works.

Instagram: @bbcwhatintheworld WhatsApp: +44 0330 12 33 22 6 Email: [email protected] Presenter: Alex Rhodes Producers: Julia Ross-Roy and Baldeep Chahal Editor: Verity Wilde