Business Reporter
THE Reserve Bank of Zimbabwe (RBZ) Gold Backed Digital Tokens (GBDT) latest sales mopped up ZW$6,1 billion excess liquidity in a development which market watchers believe will go a long way to strengthen exchange rate stability and ease inflation.
The GBDT were launched with the objective of providing an alternative investment avenue for citizens to maintain the value of their savings might expand to include payments.
Zimbabwe has long struggled with currency depreciation and exchange rate volatility, so the central bank had initially conceived the digital gold tokens as a store of value.
The instruments are tradable and capable of facilitating Person-to-Person (P2P) and Person-to-Business (P2B) transactions and settlement.
The latest trading update released by the central bank under RBZ Issue No, 21/2023 of December 7 2023 mopped up ZW$.
“The bank received 24 applications valued at ZW$6,1 billion and US$499,98 to purchase gold backed digital tokens and the full amount was allotted. Total milligrams of gold purchased 14,07 kgs of gold
“Cumulative milligrams purchased 410 kgs. Applications under the 22nd issuance of the RBZ gold backed digital tokens should be submitted through the banks during the week for settlement and issuance on Thursday 21 December 2023,” the update said.
The central bank continues to play a pivotal role in economic stabilization measures which include inflation easing and exchange rate stability among others.
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