INTERVIEW - ZIMBABWE DEFIES IMF, SELLS $40 MILLION WORTH OF GOLD-BACKED DIGITAL TOKENS GUEST – JAN VERMUELEN, MY BROADBA
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Zimbabwe sold $40 million worth of its gold-backed digital currency, the country’s central bank has revealed. The Reserve Bank of Zimbabwe (RBZ) plans to conduct a second sale despite the International Monetary Fund (IMF) warning. RBZ first introduced the digital currency in April 2023 as the bank’s latest effort to rein in the country’s hyperinflation.
Zimbabweans can exchange their local dollars for the tokens to preserve their value and protect against exchange rate volatility, RBZ Governor John Mangudya said at the time. As local outlets report, the bank has sold 14 billion Zimbabwean dollars’ worth of the tokens (approximately $40 million). In a statement, the governor revealed that banks participating in the program received 135 applications for the purchase of the tokens, 132 in the local currency and three in U.S. dollars. The tokens are backed by 139.6 kilograms worth of gold held by the top bank.
Zimbabweans can exchange their local dollars for the tokens to preserve their value and protect against exchange rate volatility, RBZ Governor John Mangudya said at the time. As local outlets report, the bank has sold 14 billion Zimbabwean dollars’ worth of the tokens (approximately $40 million). In a statement, the governor revealed that banks participating in the program received 135 applications for the purchase of the tokens, 132 in the local currency and three in U.S. dollars. The tokens are backed by 139.6 kilograms worth of gold held by the top bank.
