RBZ Auction injects US$19,053 mln to support indstry; Gold Backed Digital Tokens preps almost done

Agencies
THE Reserve Bank of Zimbabwe (RBZ) Auction this week allotted US$19 million to support productive needs on the back of ZWL depreciation amid calls for a lasting solution on volatilities bedevilling the local currency.
A trading update released at the close of business shows that on the Main Auction, a total US$16,7 million was allotted on the Main Auction platform.
On the SME Auction platform, US$2,2 million was allotted with a huge chunk on the two platforms going towards supporting raw material and machinery needs.
This comes as work around the legal framework to support the impending Gold -Backed -Digital -Tokens has reached finality amid expectations that the instrument will rein current Zim dollar volatility.
“The legal framework for the introduction of digital gold tokens is almost complete. What the authorities have done is simply to advise the market in advance to the effect that the introduction of the product will commence on May 8.
“The forthcoming legal framework is consistent with international best practices and will augur well with the Supreme Law of our land. Hopefully, the legal framework would be approved before the roll out of the tokens first phase,” a FinMin official revealed recently on condition of anonymity to an online publisher.
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