Reserve Bank of Zimbabwe

Reserve Bank of Zimbabwe Set to Launch Gold-Backed Digital Token (GBDT) for Retail Use Following Successful Investor Interest

August 15, 2023

The Reserve Bank of Zimbabwe (RBZ) has announced its advanced plans to launch Gold-Backed Digital Token (GBDT) for retail purposes following its successful reception among investors, a success the Bank hailed as “commendable” in a recent report. During the presentation of the Mid-Term Monetary Policy Statement (MPS) on Wednesday, August 9, Governor John Mangudya of…
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Zimbabwe Central Bank Says Gold-Backed Tokens Set to Be Used for ‘Transactional Purposes’

August 13, 2023

The Zimbabwean central bank recently said it is close to rolling out gold-backed digital tokens “for transactional purposes.” According to the bank’s governor, the gold-backed digital tokens have already proven to be an effective monetary policy instrument. Central bank governor John Mangudya also said the results of a consumer survey had shown that residents had…
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Report: Zimbabwe Central Bank Begins Gold-Backed Digital Currency ‘Dry Run’

July 8, 2023

According to a report, the Reserve Bank of Zimbabwe has commenced trials, or the “dry run” test, for the viability of launching a gold-backed digital currency. Nelson Mupunga, the director of economic research at the central bank, reportedly said the digital currency will act as an alternative to foreign currency. Local Residents’ Insatiable Demand for…
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Report: Zimbabwe’s Central Bank Set to Launch P2P Platform for Facilitating Gold-Backed Digital Currency Transactions

June 20, 2023

The Reserve Bank of Zimbabwe has said it is getting close to launching a peer-to-peer platform which will facilitate digital gold token transactions. The central bank said the launch of the platform is expected to help reduce local demand for the greenback. Governor John Mangudya said the tokens have a value which is “linked to…
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IMF Says Zimbabwe Gold-Backed Digital Currency a Potential Threat to Financial Stability

May 11, 2023

The International Monetary Fund has urged Zimbabwean authorities to weigh the benefits versus risks of issuing a gold-backed digital currency. Instead of using gold-backed digital currency to limit the demand for the greenback, the global lender said monetary authorities should consider liberalizing the foreign exchange market. Risks to Macroeconomic and Financial Stability The International Monetary…
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Zimbabwe sets price to sell gold-backed digital tokens

May 5, 2023

Zimbabwe’s central bank plans to sell gold-backed digital tokens at $10 for individuals and $5,000 for corporations. Zimbabwe’s central bank has set a price for its gold-backed digital tokens. The country is planning to sell its gold-backed digital currency to investors starting May 8. The tokens will be sold at a minimum price of $10…
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Report: Zimbabwe’s Central Bank Says Upcoming Gold-Backed Digital Currency to Help Reduce Demand for US Dollar

April 25, 2023

The governor of the Zimbabwean central bank, John Mangudya, recently revealed that his institution is planning to introduce a gold-backed digital currency. According to the governor, the soon-to-be-introduced gold-backed digital currency is expected to help diminish local residents’ demand for the U.S. dollar. Taming High Demand for the US Dollar The Zimbabwean central bank has…
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Zimbabwe’s central bank to issue gold-backed digital currency: Report

April 23, 2023

The Reserve Bank of Zimbabwe plans to introduce a gold-backed digital currency as legal tender in a bid to stabilize its local currency. The Reserve Bank of Zimbabwe is set to introduce a gold-backed digital currency to serve as a legal tender in the country. The move is a government initiative to stabilize the local…
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Gold Coins Help Zimbabwe Achieve ‘Price and Exchange Rate Stability’ — Central Bank

February 10, 2023

The Reserve Bank of Zimbabwe recently revealed that some 25,188 of its value-preserving gold coins were sold between July 2022 and Jan. 13. According to the central bank governor, John Mangudya, the gold coins “have proved to be an effective open market instrument for mopping up excess liquidity in the economy.” Gold Coins as Alternative…
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Zimbabwean Central Bank Launches CBDC Consumer Survey

November 11, 2022

The Zimbabwean central bank has said it is “conducting a CBDC [central bank digital currency] Consumer Survey to solicit opinions on the design and nature of the CBDC and its overall acceptance by the public.” The bank said the information obtained via this process will be “treated with the utmost confidentiality and the results will…
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Category: Reserve Bank of Zimbabwe