The Reserve Bank of Zimbabwe (RBZ) has published 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.
Apparently, according to renowned American economic analyst Professor Steve Hanke the country’s inflation maintain its pole position world over.
“Today, I accurately measure inflation in ZIM at a STUNNING 828%/yr,” he noted recently.
Hanke is on record calling on the Harare administration to fully dolarise and dump the local currency.
However, President Emmerson Dambudzo Mnangagwa is sticking to his guns saying he rather dump the American dollar.
Zwnews
