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Zimbabwe considers using gold to back its currency
By Ray Ndlovu
Bloomberg News
Monday, February 12, 2024
Zimbabwe may back its currency with gold in an effort to end exchange-rate instability, Finance Minister Mthuli Ncube said.
"To manage growth of liquidity, we may link the exchange rate to a hard asset such as gold," Ncube said in an online press briefing held today to announce a conference of African ministers that Zimbabwe will host at the end of this month.
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Zimbabwean President Emmerson Mnangagwa last week signaled the authorities are considering a revamp of the world's worst-performing currency. He said the Treasury and monetary authorities are working on a "structured currency." ...
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