Zimbabwe’s illegal money changers are resurfacing on the streets, seizing an opportunity presented by the introduction of the new gold-backed currency, the Zimbabwe Gold . This development comes despite the government’s efforts to stabilize the financial system.
While the ZiG currency is currently only available electronically, with physical notes and coins still under production, black market traders are already offering exchange rates that diverge significantly from the official rate. According to a report from, the black market offers a buy rate of around 15 ZiG and a sell rate as high as 20 ZiG per US dollar, compared to the official rate of 13.3437 ZiG per dollar set by ZB Financial Holdings today, Wednesday, April 18th, 2024.
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