RBZ issues Gold-backed Digital Tokens results, prices

The Reserve Bank of Zimbabwe (RBZ) has released the Gold-backed Digital Tokens Issue No. 44/2024 results and prices as the country battles the local currency’s continued lose of power.

Get more details with regards to the latest results and break downs from the tables below:

Apparently, the country is set to launch of a new Zimbabwean currency on Friday, to be known as the Structured currency.

Some of its basic characteristics or features of the coming currency are:-

*Name: Structured Currency;
*Exchange rate/Value: US$1: 10ZiG (ZW$10); *ZiG (meaning Zimbabwe Gold) is a digital token issued in units of 1 milligramme of gold; *Gold coin: Mosi-oa-Tunya gold coins are equivalent to ZiG;

Structured Currency will be gold backed (government been buying bullion to support this currency since October 2022); and will also be supported by US$ reserves (from export proceeds retention scheme).

Some of the most common characteristics of money are: divisibility, acceptability, portability, homogeneity,
durability, scarcity, fungibility and store of value.

Meanwhile, it remains to be a seen if the new currency is going to command confidence, which is critical for its survival as a unit of account and means of exchange in this volatile economic environment without a political settlement.

Key question among many is: Will this stem currency volatility and exchange rate-driven inflation? Only time will tell.

Zwnews