Business Reporter
THE Reserve Bank of Zimbabwe (RBZ) has finally launched the digital gold currency usable in daily transactions on the back of operationalization modalities.
The much awaited instrument is expected to ease inflation, abrupt exchange rates shifts while boosting ZWL demand.
In a statement, RBZ governor said the instrument will be available immediately and going into the future.
“Accordingly the bank wishes to advise that with immediate effect from October 5 2023, ZiG will become one of the means of payment for domestic transactions, over and above its value preservation purpose.
“The value of ZiG will be at par with the value of the physical Mosi-oa-Tunya gold coin and will remain informed by international gold price,” he said.
Banks will maintain dedicated ZiG accounts and intermediate transactions in ZiG in the same way they intermediate transactions in local and foreign currency.
“The applicable Intermediated Money Transfer Tax (IMTT) will be half of the IMTT applicable to transactions in foreign currency and the relevant legal instrument to that effect will soon be published,” said Mangudya.
For security reasons external auditors who will validate the availability and adequacy of gold to back ZiG at any given time have been appointed.
