The Reserve Bank of Zimbabwe -RBZ- has released the foreign currency interbank exchange rate as well as the latest prices for the gold coins and Gold-backed Digital Tokens.
The gold-backed digital tokens, at one point named Zimbabwe Gold or ZiG, became an approved means of payment for domestic transactions last year.
With this, transactions going through ZimSwitch and the RTGS system in the same way as Zimbabwean dollars and US dollars being moved between bank accounts, with swipe machines being made available.
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 will be easy to get very close to the price in the actual currencies in use.
Further, because the tokens represent gold, holders are 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.
Zwnews
