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The ZESA tokens prepayment system will not be available from 31 December 2023 to 01 January 2024, the Zimbabwe Electricity and Distribution Company (ZETDC) has said.
In a statement, ZETDC said there will be a countrywide annual year-end prepayment vending system maintenance and the token buying platform will not be available from 5 PM on New Year’s Eve to 6 AM the following day. It said:
<blockquote>
The Zimbabwe Electricity and Distribution Company (ZETDC) would like to advise its customers countrywide that the utility is going to be carrying out annual year-end prepayment vending system maintenance from Sunday 31 December 2023 at 1700 hours to Monday 1 January 2024 at 0600 hours. The prepayment system will not be available during this period.
The power utility advises its valued customers to purchase adequate electricity tokens to ensure that they do not run out of credit during the maintenance period.
</blockquote>
In the past, the ZESA purchasing electricity tokens platform has experienced outages on the first week of every month due to congestion as customers prefer to buy tokens during that part of the month.
This means the planned system maintenance by ZEDTC will inconvenience hundreds of thousands if not millions of households, as people buy tokens of high amounts on the first day of the month to take advantage of “cheap” electricity.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

ZESA Tokens Prepayment System Won't Be Available On 31 December

The Reserve Bank of Zimbabwe (RBZ) of Zimbabwe has said the gold-backed digital tokens will start operating as a medium of exchange for domestic transactions at the end of next month.
The gold-backed digital tokens are Zimbabwe’s own commodity-backed version of Central Bank digital currency (CBDC).
<a href="https://www.businessweekly.co.zw/rbz-digital-gold-token-transacting-in-a-month/">Business Weekly</a> reported RBZ governor, John Mangudya, as saying the gold-backed digital tokens were an investment product and will also be used for transaction purposes.
They will be in units of milligrammes.
A gramme of gold, which has a current average international spot price of US$63, is equivalent to 1 000 milligrammes.
Mangudya said is the RBZ working with banks and formal retailers, among other stakeholders, in the integration of systems to be used for transacting using the gold-backed digital tokens. He said:
<blockquote>
The next stage now is to open bank accounts for those who have already purchased these tokens.
</blockquote>
Mangudya said the holders of the digital token will get swipe cards from banks, which they can use to transact with any registered trader like supermarkets. He said:
<blockquote>
They are going to complement the existing currency framework whereby, itself not being a (traditional) currency, but you can transact using that gold token and can keep it as a store of value…
We are saying our CBDC, our central bank digital currency, is going to be on the basis of our gold.
In other words, our CBDC is backed by gold. It means we cannot just have more tokens other than the equivalent of gold we are holding in store.
If you look at cryptocurrency products; they are not currencies but an investment. So, this (gold-backed digital token) is an investment.
But (by comparison) cryptocurrencies, in most cases, are not backed by anything.
That is why they are not in the sphere of central banking; they (cryptocurrencies) are not regulated by central banks.
Whereas for our gold, it is we (the central bank) who keep it. So, what we are saying is that we need a cryptocurrency of some nature called CBDC, which is backed by reserves.
The reserves are either gold or foreign currency.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Use Of RBZ Digital Gold Tokens For Transactions Set To Start In A Month

Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya said that gold-backed digital tokens that were introduced last week are working well as 140 kilogrammes of the tokens valued at more than ZWL$14 billion were taken up by the market.
The central bank says it has sold 31 866 Mosi-oa-Tunya gold coins since their introduction last year for ZWL$25.8 billion.
Mangudya told <a href="https://www.sundaymail.co.zw/rbz-confident-of-price-stability">The Sunday Mail</a> that the huge demand for gold coins and digital tokens could help remove excess liquidity and stabilise the Zimbabwe dollar. He said:
<blockquote>
The purpose of digital gold tokens, just like the physical gold coins, is to store value, act as an investment tool and mop up excess liquidity from the market.
The reason the parallel market exchange rate goes up is that we are a dual-currency economy.
In a dual-currency economy, where there is a local currency and the US dollar, many will obviously find the US dollar as the most attractive.
By providing digital gold tokens, we are saying do not go to the parallel market, but store value in the coins and tokens, which are known worldwide as a store of value.
Therefore, it is working very well, because the demand for the gold coins is higher than the supply, while the electronic version is actually working very well.
About $14 billion was used to purchase digital gold tokens.
That money could have gone into the parallel market but was not channeled there and was used to buy digital gold tokens. So, it is working.
</blockquote>
The gold tokens are being introduced in two phases.
The first phase entails issuing gold tokens with a vesting period of 180 days for investment purposes.
The second phase involves issuing gold-backed digital tokens held in either e-gold wallets or e-gold cards being tradable and capable of facilitating person-to-person transactions.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Digital Gold Tokens Working Well - Mangudya

Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya said that the digital gold tokens will assist in stabilising the Zimbabwe dollar by acting as an alternative store of value and helping facilitate transactions for ordinary people.
The central bank is set to release the digital gold tokens on Monday, 08 May.
Speaking to <a href="https://www.sundaymail.co.zw/digital-gold-tokens-out-tomorrow">The Sunday Mail</a>, Mangudya said the decline in value of the local currency is being driven by “unlimited demand” for the US dollar.
He said the digital gold tokens will complement the Mosi-oa-Tunya gold coins in mopping up excess liquidity in the market. Mangudya said:
<blockquote>
The tokens function in the same way as the physical gold coins and will work in parallel with the physical gold coins introduced last year to mop up excess liquidity, reduce demand for the US dollar as a store of value and stop the depreciation of the local currency.
</blockquote>
He said the digital tokens will be issued in milligrammes, and will be available for sale at banks in both foreign and local currency, with specific accounts such as e-gold wallets or e-gold cards for holding the assets. Added Mangudya:
<blockquote>
The purpose is threefold, as it seeks to save, invest and be for transacting purposes, with one having the option to buy the digital gold coins in foreign currency or in local currency.
The digital gold tokens have the same characteristics as the physical gold coins; the vesting period of 180 days is the same and will act as a store of value, among other things.
However, the beauty of digital gold tokens is the issue of visibility and also in terms of financial inclusion. 
Anyone can buy them. We are talking of 1000 milligramme which is valued at 6 cents.
There was an outcry on the exclusivity on gold coins, with some saying they can only be accessed by a few, so with digital gold tokens, they will be accessible to everyone.
</blockquote>
Last week the RBZ said applications of tokens will be accessible from banks for a minimum of US$10 for individuals and US$5 000 for financial institutions, corporates and other entities.
Payment for digital tokens or physical gold coins in local currency shall be at a 20 percent margin above the willing-buyer, willing-seller interbank mid-rate.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Digital Gold Tokens To Enhance Financial Inclusion - Mangudya

The <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> is reportedly planning to stabilise the Zimbabwe dollar by introducing a new currency backed by gold tokens.
<a href="https://www.sundaymail.co.zw/rbz-introduces-gold-backed-digital-currency">The Sunday Mail</a> 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:
<blockquote>
 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.
</blockquote>
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:
<ol>
<li>
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.
</li>
<li>
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.
</li>
<li>
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.
</li>
<li>
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.
</li>
<li>
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.
</li>
</ol>
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.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

RBZ Introducing New Currency Backed By Gold Tokens

The Reserve Bank of Zimbabwe (RBZ) plans to introduce a gold-backed digital currency to be used as legal tender for transacting in the country to stabilise the Zimbabwe dollar from its continued depreciation against the United States dollar.
Digital gold tokens will be a form of electronic money backed by gold held at the RBZ.
RBZ Governor John Mangudya told <a href="https://www.sundaymail.co.zw/rbz-introduces-gold-backed-digital-currency">The Sunday Mail</a> that the digital gold tokens will allow those holding small amounts of Zimbabwe dollars to exchange their money for tokens to store value and hedge against currency volatility.
The RBZ is also considering releasing more Mosi-oa-Tunya gold coins onto the market to arrest the recent sharp depreciation of the Zimbabwe dollar on the parallel market. Said Mangudya:
<blockquote>
What we have noticed is that demand for foreign currency, apart from being driven by the need to import goods and services in Zimbabwe, is also viewed as a store of value.
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.
</blockquote>
Officially, the Zimbabwe dollar trades at ZWL$1 000.4 against the dollar but readily changes hands at Z$1 800 on the parallel market.
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

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