The Reserve Bank of Zimbabwe (RBZ) has released the latest prices for gold coins and digital tokens as well as official exchange rate figures.
The gold coins and digital tokens were introduced as a store of value in an attempt to curb the local currency’s continued fall.
For long, the local currency has been performing badly against major convertible currencies especially the American dollar.
Meanwhile, RBZ recently assured Zimbabweans of currency stability, citing an increase in gold reserves backing the Zimbabwe Gold (ZiG) to over US$450 million.
RBZ Governor John Mushayavanhu clarified that recent exchange rate movements are market-driven, not a devaluation, & emphasized the bank’s commitment to economic stability.
Speaking in a televised interview with the national broadcaster Zimbabwe Broadcasting Corporation, Mushayavanhu said there no reason why the ZiG will continue to depreciate.
He based his sentiments on money supply which said is under control, while emphasising that gold reserves will continue to grow.
However, critics say Mushayavanhu’s sentiments are wide off the mark.
They he has no control over Treasury whose spending appetite is hard to satisfy.
Zwnews
