Interbank foreign currency exchange rate, Gold Coin and Gold-backed Digital Token Prices – 31 July 2024

The Reserve Bank of Zimbabwe (RBZ) has released the latest interbank foreign currency exchange rate.

 

In a statement the central bank also announced the prices for gold coins and digital tokens.

 

The tokens, which were called Zimbabwe Gold or ZiG became an approved means of payment for domestic transactions with effect from October last year.

Introduced following the Monetary Policy Committee’s resolution to complement physical gold coins, the tokens were released in 2022.

 

In a public notice following the issuance of the additional gold-backed digital tokens early this year, the RBZ said cumulatively 736,518,865.00 milligrammes equivalent to 736,52kg have been issued to date.

 

The tokens have been available as an investment or store of value and were being issued to expand the value-preserving instruments available in the economy, enhance the divisibility of the investment instruments, and widen their access as well as usage by the transacting public.

 

Apparently, according to renowned American economic analyst Professor Steve Hanke Zimbabwe’s inflation remains the highest in the world.

 

“Today, I measure ZIM’s inflation at a PUNISHING 730%/yr.

Zimbabwe remains the world’s TOP INFLATOR,” he says.

 

Zwnews