Gold Coin and Gold-backed Digital Token Prices – 15 April 2024

The Reserve Bank of Zimbabwe (RBZ) has released the latest prices for gold coins and digital tokens.

Last year Zimbabwe issued gold backed digital tokens, ZiG, and subsequently allowed them to be used as the official means of payment for local transactions.

The table below is the latest prices for the gold coins and digital tokens as at 15 April 24.

Now the RBZ is using the ZiG brand as its new local currency to replace the Zimbabwean (Zimdollar).

It follows monthly inflation rates in the local currency surpassing 50% last month.

The original ZiG tokens have now been renamed to gold-backed digital tokens (GBDT). So far it has issued 917 kilograms worth of GBDT worth around $69 million. The new currency is a physical one.

While the central bank plans to partly back the new ZiG with gold, it isn’t entirely. According to the central bank, “the structured currency being introduced is anchored by a composite basket of foreign currency and precious metals (mainly gold) held as reserves for this purpose by the Reserve Bank.”

Hence, the new ZiG currency will be fully backed by the central bank’s reserves, which currently amount to $100 million in foreign currency and $185 million in gold.

Banks must convert Zim dollar accounts into ZiG accounts, and new ZiG notes will enter circulation on April 30.

Zwnews