Itel

Itel

Itel smartphones and accessories

Open
HomeBusiness

RBZ Introducing New Currency Backed By Gold Tokens

1 year agoMon, 24 Apr 2023 05:53:39 GMT
Share on FacebookShare on TwitterShare on LinkedIn
RBZ Introducing New Currency Backed By Gold Tokens

The Reserve Bank of Zimbabwe (RBZ) is reportedly planning to stabilise the Zimbabwe dollar by introducing a new currency backed by gold tokens.

The Sunday Mail reported that RBZ would issue digital gold tokens backed by gold held at the central bank. This will allow people holding Zimbabwe dollars, which have been losing value, to exchange them for the tokens. RBZ governor John Mangudya said:

The movements in the parallel market rate are mainly because of the expectations of increased foreign currency supply in the market when the tobacco marketing season opened. However, the supply of foreign currency over the past three weeks has been lower than expected. That expectation raised the rates because people thought there will be more money in the market.

It means anyone with local currency would want to convert it to foreign currency. We are addressing this demand for store of value by increasing the number of gold coins in the market so that we manage that demand.

We shall also soon be introducing digital gold tokens to ensure that those with low amounts of local currency are able to purchase the gold units so that we leave no one and no place behind.

Buy Samsung, itel, Redmi smartphones in Zimbabwe

WhatsApp: +263715068543

The value of the gold-backed currency is based on the current market price of gold and can be used for transactions just like any other type of currency.

The value of the Zimbabwe dollar has decreased significantly against the USD in recent months. The official exchange rate, set by the central bank, is 1 USD to 1 000 Zimbabwe dollars. However, obtaining this rate is challenging because the unofficial market values it at over 1 750 Zimbabwe dollars per USD.

The Zimbabwean government has implemented several measures to stabilize the Zimbabwean dollar, which has been volatile in recent years due to a variety of economic and political factors. Some of these measures include:

  1. Currency Reforms: In June 2019, the government of Zimbabwe reintroduced the Zimbabwean dollar as the sole legal tender, replacing the multi-currency regime that had been in place for over a decade. The reintroduction of the Zimbabwean dollar aimed to reduce currency fragmentation and enhance the effectiveness of the monetary policy.

  2. Tightening monetary policy: The Reserve Bank of Zimbabwe (RBZ) has increased interest rates to tighten monetary policy and control inflation. The RBZ has also limited the amount of money that can be withdrawn from banks to reduce demand for foreign currency.

  3. Boosting exports: The government has implemented measures to promote exports and reduce imports. For example, it has introduced export incentives, increased funding for agriculture, and banned the importation of certain goods to encourage local production.

  4. Improving fiscal policy: The government has implemented a range of fiscal measures to reduce expenditure and increase revenue, such as the introduction of taxes on electronic transactions and a reduction in government spending.

  5. Negotiating with international organizations: The government has engaged with international organizations such as the International Monetary Fund (IMF) to access financial assistance and technical support. The IMF has approved a $400 million loan to Zimbabwe to support economic reforms and stabilize the currency.

However, these measures have not been effective so far because of a range of factors, including political instability, ineffective implementation, and external factors such as global economic conditions.

Government critics say members of the public do not have confidence in the government, especially after the 2008 era during which the Zimbabwe dollar plunged.

More Pindula News

Tags

40 Comments

Anonymous · 1 year ago
Huku yakaora haikangike (you can't suppress the petrid smell of a rotten chicken by frying it). The masses have no trust of the local currency because of precedence. The government and the RBZ lost the citizens' trust because of their policy inconsistencies.
ttt · 1 year ago
🤪🤪🤪🤪🤪ummmm unoda zvinhu iwee
Chams · 1 year ago
Ini kana ma Gold coin uya weku Switzerland handina kana kumboaona. Ko what does it help when Zimbabweans are dip in poverty. I'm in the dark now, No Electricity. Dai gold ramurikuba mabhadhara magetsi enyika kwete hu selfish. Hazvipere mushe murima. I'm missing all the good things I used to do when Electricity was 100% available 😢😔😞😪😕
Garanewako · 1 year ago
pakaipa
· 1 year ago
Chero mukagadzira Mari yeblack hazvishandi kana Zibuka Mugumbeze riri pachigaro
Anonymous · 1 year ago
Kupererwa ndokwakuita trying everything to revive a dead horse , ma last moment twitching of a dwad horse anzi haaa bhiza rakumuka iro ririkutogwina kuti mweya wabuda.
Partz · 1 year ago
Ko vekt kana zim dollar rikasaita valu ndino resigna varip zviya . Zim so kkkk
munyaradzi · 1 year ago
uta
Funda · 1 year ago
for Business Maths, engineering modules, A Level and O Level sciences contact Harveld College:+263773978219 online or in person: One on 1 +263773978219
coni · 1 year ago
new currency backed by gold mafia
Funda · 1 year ago
for Business Maths, engineering modules, A Level and O Level sciences contact Harveld College:+263773978219
Jinn · 1 year ago
Veku Epworth makazopiwa here maTittle deeds.
Luke · 1 year ago
Mozotiudza kna mapedza introduction get away with the lies n ya dunderrheadz
zozo · 1 year ago
zvekuvhota itayi mega handiti zvinonzi zanu pf rig elections so whats the point of voting tichiziva zvichabuda.kutambisa nguva yangu bodo
Voter · 1 year ago
I think voting in large numbers will make it difficult for Gold Mafias to rig this election.
****. · 1 year ago
I think if zanupf loses the elections then the military will do another coup and run the country. I don't see them allowing the opposition party to take power.
Fake Prophet · 1 year ago
zvichapera izvi chimboitai henyu
GENERAL JEIZET · 1 year ago
zvimagold chakuti zvenyu zvaakutibhowa gold coin makangogadzirirana moga muchida kuba,,,zvinongotenderera kumbinga magold MAFIA,,,isu vananhingi hatina kumbomaona even pamapictures,,,,,heeeee nhasi amagold tokens,,,, kureva kuti hatichina mazim$,,,taanemazim tockens,,,hatichina currency yedu chaiyo mazuvano mari yavayeMAFIA,,,,itai zvenyu asi muchazviona kuti MWARI HAISI PWERE,,
Luke · 1 year ago
43 yrs praying for zim to get well kudhara ikokoc,, the best solution jus boot dem out
Me · 1 year ago
True Zanu pf will never solve the problem we facing today. Lets go out in numbers and vote them out, we are prepared to liberate ourselves as youths
Chimupfana chema High grades · 1 year ago
Zvaora izvi.........hazvisi kushanda kubva riniko muchinyepera vanhu haiwa..........
Jim Munkuli · 1 year ago
, vote for Chamisa CCC ❎
0778567344 · 1 year ago
Ndozvandakakudzidzisa here izvozvo nhai mwanangu, hindava uchida kundisvoresa kani iwewe
· 1 year ago
kusiri kufa ndekupiko?
Hokage · 1 year ago
Nice , we're going Crypto , now thats really modern, if it works well it will replace bonds, it'll be only us and digital coins all the way..
0778567344 · 1 year ago
If?
Hokage · 1 year ago
Im realistic, not optimistic, optimism is foolishness , it probably won't work , it is very possible, infact im more sure it won't work than I am sure it will work
Gafa · 1 year ago
I always tell pple that mosquito will never cure malaria!!!!!!!!!!! never n it will never happen, mangudla n mthuli ne ZANU yavo ar the ones who introduced their RTGS vachiti it's for change yet they wanted to reintroduce zim$ as 1as to 1 zvikazonzi heeee dhongi nemombe hanziyenzani heeee wat wat, gold coins heee will stabilize our currency heeee wat wat nw they ar talking of gold tokens kkkkkkkkkk we ar being lied to by this pple coz nguva irikungofamba n urikutochembera being promised kuti we will cure malaria by mosquitoes haaàa guys pepukaiwo mhani kkkkkk zanu will never solve Zim problems coz ndovakakonzeresa n ar still causing them again n again vote them out
Llkk · 1 year ago
Kkk
0778567344 · 1 year ago
Izvi zvegoridhe izvi hazvina varombo mukati izvi.
Anonymous · 1 year ago
Burning ya200chakuti yadzoka zvekare ,just on a different angle and level
263 · 1 year ago
ko ma gold coins makazodii zviya, isu kuZimbabwe yedu yekwa Bushu hatisati tatomaonawo apa makutoda kugadzira imwe fut mari🥴🥴🥴
SpongeBob · 1 year ago
yatanga gold mafia
a🤣🤣🤣 · 1 year ago
We do not care at all
· 1 year ago
Another economic experiment, tichingotambura! Suffer Continue....
¹Miss Jessica · 1 year ago
It's efficacy might be desireble but people have lost trust in both the local currency and your over-night policy adjustments. How soon is it launching though? I see money in its early days... 😉

Leave a Comment


Generate a Whatsapp Message

Buy Phones on Credit.

More Deals
Feedback