Zimbabwe’s new currency, the ZiG, strengthened a day after its debut, the central bank said.

The currency gained 0.2% to 13.53 per US dollar, according to data published on the Reserve Bank of Zimbabwe’s website on Tuesday.

The rand was trading at R18.47 to the dollar by 12h20 on Tuesday.

The ZiG, short for Zimbabwe Gold, was introduced on Monday, Zimbabwe’s sixth attempt to resuscitate the local currency. Its predecessor, the Zimbabwe dollar, lost value every single trading day of this year before being abandoned April 5.

Zimbabwe’s sixth try

The ZiG began trading on Monday as businesses struggled with the nation’s revamped unit.

Reserve Bank Governor John Mushayavanhu set the introductory exchange rate of 13.56 per US dollar for the ZiG, short for Zimbabwe Gold, where it started trading.

The daily exchange rate will be determined in the interbank market from now on, Mushayavanhu said during an April 5 presentation of his first monetary policy statement.

Five previous attempts to resuscitate a local currency have failed largely because the cash-strapped government resorted to printing money to fund the budget.

While Mushayavanhu repeatedly said that won’t happen under his watch, it will be an uphill battle for the ZiG to gain acceptance among a public who’ve repeatedly seen the value of their locally priced assets wither.

The authorities didn’t help confidence in the Zimbabwe dollar by demanding that payment for services including road toll fees and passports be made using greenbacks.

Peter C. Earle, senior economist at the American Institute for Economic Research, is skeptical the ZiG will be any more of a success than its predecessors.#XRPRealityCheck