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Zimbabwe's digital-currency plan needs $100 million of gold
If the digital currency isn't to be convertible to real metal, this is just another confidence trick.
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By Ray Ndlovu and Godfrey Marawanyika
Bloomberg News
Monday, April24, 2023
Zimbabwe needs $100 million of gold to kick-start its proposed bullion-backed digital currency, as the southern African nation makes another attempt to stabilize its floundering dollar.
The central bank will rely on gold reserves, which it has been accumulating, to support the initiative and stem the local currency's volatility, according to Persistence Gwanyanya, a member of the central bank's monetary policy committee.
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"Any amount around or less than $100 million will be able to deal with our challenge in a big way," Gwanyanya said in an interview by phone from the capital, Harare. "We expect the central bank to bring a respectable quantity that can stabilize the Zimbabwe dollar and boost demand."
Zimbabwe has been struggling to stem a decline in the currency in the nation where the U.S. dollar is the unit of choice. The central bank has been building gold reserves as well as acquiring other precious minerals since the introduction of a policy last year that compels miners to pay part of their royalties in cash and metal. It's banking on the stash to help it with the latest plan. ...
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