The Reserve Bank of Zimbabwe (RBZ) has released the latest interbank foreign currency exchange rate and prices for gold coins and digital gold-backed tokens.
The tokens represent the digital form of the actual gold held by the RBZ. The value of a ZiG is quoted daily on the RBZ website.
Institutions and individuals are able to buy the tokens using local or foreign currency from their banks.
Since the tokens are divisible down to the smallest unit of gold measurement, a milligramme, it is easy to get very close to the price in the actual currencies in use.
Further, because the tokens represent gold, holders will be able to gain value in the event the value of gold on global markets appreciates, which offers a flexible and reliable hedge against value erosion in periods of inflation.
Gold coins and digital tokens were introduced as a store of value against the local currency’s continued fall in value.
In American dollar terms, the country’s year-on-year inflation was 3.8% in June, from 3.5% in May.
The consumer price index was flat in June after falling 2.4% a month earlier, the Zimbabwe National Statistics Agency said Friday in an online briefing.
In ZiG, month-on-month inflation was 0% in June (from -2.4% in May).
The weighted monthly inflation rate — the combined price changes in ZiG and USD — was -0.2% in June (up from -0.6% in May)
Annual ZiG prices will only be measured in April next year, when Zimstat can compare with April 2024, when ZiG was launched.
According to Trade Economics, the Consumer Price Index in Zimbabwe decreased 0 percent in June of 2024 over the previous month. Inflation Rate MoM in Zimbabwe averaged 1.34 percent from 2009 until 2024, reaching an all time high of 39.26 percent in June of 2019 and a record low of -11 percent in September of 2019.
Zwnews
