Zimbabwe’s stock market regulator has ordered companies to report earnings in the local gold-backed currency, with immediate effect.

The instruction by the Securities and Exchange Commission upholds a directive by the central bank and is the latest move to encourage acceptance of the ZiG – short for Zimbabwe Gold – which has struggled to establish itself since it was launched in April 2024.

“Every licensed person must adopt a common presentation currency, for reporting purposes, with immediate effect, including for the 2024 audited financial statements,” commission Chief Executive Officer Anymore Taruvinga said in a statement.

Companies listed on the Zimbabwe Stock Exchange since 2023 have been allowed to report earnings in dollars, which is the main payment currency used in the southern African nation.

Local companies have argued that making them switch to ZiG for reporting purposes would introduce accounting complexities, owing to the currency’s steep slide – it has lost 96% of its value since launch – and high rates of inflation in local currency terms.

The ZiG was quoted at 26.67 per dollar on the central bank’s website on Wednesday, versus 13.56 per dollar at launch, and was changing hands at between 30-35 ZiG per dollar on the parallel market.