The Zimbabwe Reserve Bank (ZRB) has taken a bold step in introducing a new currency, Zimbabwe Gold (ZiG), which has shown promising performance in the foreign exchange market. However, the central bank is facing challenges in gaining domestic acceptance for the new currency. Despite the ZRB's efforts to combat black market trading and urge the public to report illegal traders and businesses refusing to accept ZiG, the currency is still struggling to gain traction within the country.

Since its physical launch, ZiG's exchange rate against the dollar has risen by 1.9%, indicating a positive response from the international market. The ZRB has implemented strict measures to curb illegal foreign exchange trading, including the arrest of 224 illegal traders on May 15 and the freezing of 90 bank accounts by the Financial Intelligence Unit (FIU). These actions have significantly reduced the number of illegal money changers in the Harare central business district and surrounding areas.

Despite these efforts, the central bank is still grappling with a coin shortage issue and plans to increase the supply of small change to address this problem. In a move to improve accessibility, Zimbabwe's Homelink financial services company will offer ZiG debit card withdrawal services in seven cities starting from June 10, with other financial institutions expected to join in the future.

ZiG is Zimbabwe's sixth currency in 15 years, backed by gold and foreign exchange. The launch of the new currency has received mixed reactions from the public, with some expressing skepticism about its long-term viability and others hopeful that it will bring stability to the country's economy.

As the ZRB continues to promote the use of ZiG and address the challenges faced in its domestic acceptance, it remains to be seen whether the new currency will be able to provide the much-needed stability and economic growth that Zimbabwe has been seeking for years.