{"id":23743,"date":"2024-05-28T04:30:50","date_gmt":"2024-05-27T23:00:50","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=23743"},"modified":"2025-04-07T04:38:11","modified_gmt":"2025-04-06T23:08:11","slug":"what-is-zig","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/what-is-zig\/","title":{"rendered":"What is ZiG?"},"content":{"rendered":"<h2>About ZiG:<\/h2>\n<ul>\n<li>The<strong> Zimbabwe Gold<\/strong> (ZiG) is a new gold-backed currency <strong>launched by Zimbabwe.<\/strong><\/li>\n<li>The ZiG, now the sixth currency used by Zimbabwe, has been in circulation since April 5, 2024.<\/li>\n<li><strong>Key features of ZiG<\/strong>\n<ul>\n<li>The ZiG stands out as a new currency backed by gold reserves, ensuring its value is supported by the physical gold held by the government.<\/li>\n<li><strong>ZiG notes and coins<\/strong> will be available and issued in denominations: 1ZiG, 2ZiG, 5ZiG, 10ZiG, 20Zig, 50ZiG, 100ZiG, and 200ZiG, with the gold backing aims to provide stability and prevent currency devaluation.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Reasons for launching new currency<\/strong>\n<ul>\n<li>Zimbabwe has grappled with <strong>high inflation,<\/strong> with rates surpassing 500% in recent years.<\/li>\n<li>Consequently, the Zimbabwean dollar, introduced in 1980, lost its value due to <strong>hyperinflation.<\/strong> Following this, the country relied on various currencies, primarily the US dollar, leading to limited control over its economy.<\/li>\n<li>The collapse of the Zimbabwean dollar in 2009, with hyperinflation peaking at 5 billion per cent, marked one of the most severe currency crashes in history.\n<ul>\n<li>Banks in Zimbabwe have been converting the previous national currency, the Zimbabwe dollar, into ZiGs, aiming to promote simplicity, certainty, and predictability in monetary and financial matters.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<hr \/>\n<h3>Q1: What is Inflation?<\/h3>\n<p>Inflation measures how much more expensive a set of goods and services has become over a certain period, usually a year. It may be one of the most familiar words in economics. Inflation has plunged countries into long periods of instability.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ZiG is a new gold-backed currency launched by Zimbabwe.<\/p>\n","protected":false},"author":5,"featured_media":23744,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-23743","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-prelims-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/23743","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=23743"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/23743\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/23744"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=23743"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=23743"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=23743"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}