Zimbabwe's ZiG Currency Knocks Down Yearly Inflation to 3,2% - New Notes, Coins Released

Columbus Mavhunga/VOA
A vendor who requested that his face not be shown holds bills of Zimbabwe's outgoing currency, in Harare, April 15, 2024.
30 April 2024
New Zimbabwe (London)
By Alois Vinga

The recently introduced ZiG currency has exerted its impact on yearly inflation to 3,2% in a development consistent with current monetary trends, the Zimbabwe National Statistics Agency (Zimsat) reported Monday.

On April 5, the Reserve Bank of Zimbabwe introduced a new "structured currency" ZiG to tackle the ongoing economic crisis in the country. The new currency is backed by gold, and other precious minerals, and will circulate alongside other foreign currencies.

The ZiG currency is currently trading at a rate of 14:00 against US$1,00 and is also enjoying a stable exchange rate with less volatility so far. ZiG notes and coins have started circulating.

In March 2023 the annual inflation rate stood at 55,34% just before the scrapping of the ZWL on the back of a month-on-month inflation rate of 4,89%.

But presenting the latest figures this week Zimstat said the month-on-month inflation rate was 0,8% in April 2024, gaining 0,6% on the March 2024 rate of 0,2%.

This means that prices as measured by the all items USD CPI, increased by an average of 0.8 percent between March 2024 and April 2024.

"The year-on-year inflation rate (annual percentage change) for April 2024 as measured by the all-items Consumer Price Index (CPI) was 3.2 percent. This means that prices as measured by the all items CPI, increased by an average of 3.2 percent between April 2023 and April 2024," said Zimstat.

The Food Poverty Line (FPL) for one person in April 2024 was ZiG424.95.

One person's Total Consumption Poverty Line (TCPL) was ZiG 650.26 in April 2024. This means that an individual required that much to purchase non-food and food items as of April 2024 in order not to be deemed poor.

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