RBZ new ZiG currency -a game-changer to further stabilise exchange rates
Business Reporter
THE Reserve Bank of Zimbabwe (RBZ) is now set to introduce the new currency, Zimbabwe Gold (ZiG) a game changer which experts believe will further stabilize the exchange rates.
ZIG is a gold-backed digital token designed to serve as a value-preserving instrument in the economy. Each ZIG is measured in milligrams, representing 1/1000th of a gram of gold.
The value of ZIG in foreign currency will be determined based on the international gold price set by the London Bullion Market Association (LBMA) PM fix. The tokens will be integrated into bank accounts, cards, and point-of-sale (POS) systems, allowing individuals to transact using ZIG as a form of payment.
“The Gold-back currency will be available for use in transacting. People can buy it from their bank, at a minimum of USD10 for individuals and USD5 000 for corporates. It can be liquidated into regular fiat currencies after 180 days.
“However it is the transacting ability which will be interesting. The ZiG will have a bank account and from the explainer video, payments will be able to be made through swipe or online payments,” said the RBZ in a recent explainer vid.
Experts believe that the currency will further stabilize the exchange rates by removing pressure from the public’s pursuit of the US$ as it presents yet another option to hinge investments on.
