[8] Due to the sharp depreciation of the Zimdollar, beginning almost immediately after its introduction, where possible most transactions were being done in hard currencies, such as the U.S. dollar, despite their illegality until March 2020.

[12] On 29 January 2009, the Zimbabwean government legalised the use of foreign currencies, such as the United States dollar and the South African rand.

The Reserve Bank also wanted to end the system of different exchange rates, which resulted in customers paying more or less depending on the payment method.

[27] The onset of the coronavirus pandemic soon forced the Reserve Bank to reinstate the multi-currency system, on 29 March 2020.

[37] As of December 2022[update], the Reserve Bank annual inflation rate was 243.76%: the highest (since February 2019) was 837.53% in July 2020, and the lowest was 50.25% in August 2021.

[38][39] The inflation and ensuing depreciation of the Zimbabwean dollar is the result of the Reserve Bank of Zimbabwe increasing the money supply.

In May and June 2023, the money supply quadrupled in just two months, resulting in the Zimbabwean dollar rapidly depreciating.

ZiG is to be backed by a basket of reserves comprising foreign currency and precious metals (mainly gold).

[43] Zimbabwean banknotes that have entered circulation since 2016 have the signature of John Mangudya, who succeeded Charity Dhliwayo as the governor of the Reserve Bank of Zimbabwe on 1 May 2014.

[48] The $50 note entered circulation on 6 July 2021, and became the first Zimbabwean banknote since the withdrawal of the Rhodesian pound in 1970 to feature a person: a portrait of Mbuya Nehanda, a significant figure of Zimbabwean nationalism, appears on reverse with the Tomb of the Unknown Soldier at the National Heroes' Acre.

[59] By March 2020, an attempt was made to peg the Zimdollar at US$1 = 25 RTGS$,[60] but inflation continued and this effort was abandoned.

[62] The exchange rate is determined by the forces of supply and demand on an auction market the Reserve Bank of Zimbabwe set up along with the announcement of the RTGS dollar.

[65] In July 2022 the Reserve Bank of Zimbabwe announced the introduction of official gold coins into the market "as a store of value".

[66][67] On 12 February 2024, the Finance Minister of Zimbabwe, Mthuli Ncube, said the Zimbabwean dollar could have its exchange rate linked to gold.