RBZ mops up ZW$8,5 billion through gold backed digital tokens

Business Reporter

RESERVE Bank of Zimbabwe (RBZ) has mopped up another ZW$8,5 billion through gold backed digital tokens as authorities remain optimistic the instruments will mop up excess liquidity in the economy.

The Southern African nation has turned to the digital money to help ease soaring demand for US dollars in its economy as the value of the local currency plunged.

The Reserve Bank of Zimbabwe said the tokens would “expand the value-preserving instruments available in the economy”, a reference to a sharp drop in the value of the Zimbabwe dollar.

The first sale of the tokens held on the 12th of May 2023 sold instruments worth ZW$14 billion  with the second sale held on the 18th of May 2023 ZW$8 billion.

The latest sales held on the 23rd of May 2023 which were to the tune ZW$8,5 billion .  

“The Reserve Bank of Zimbabwe would like to notify the public of the results of the RBZ Gold backed Digital Tokens Issue no. 3/20/23 held on Friday.

“Total milligrams of gold purchased 55 756 270 (55, 76 kgs) of gold.

“Applications under the fourth issue of the RBZ gold backed digital tokens should be submitted through the banks during the course of the week for settlement and issuance on Thursday 1 June 2023,” added RBZ.

More on Humanitarian Post:

Leave a Reply

Back to top button