Business Reporter
THE Reserve Bank of Zimbabwe (RBZ) this week mopped up ZW$3 billion worth of gold backed digital tokens amid expectations the instrument will augment existing strategies to clean up bad excess money in the economy.
An update released by the RBZ this week reveals a significant amount of money in ZW$ was mopped up just this week from buyers who have seized an alternative platform to hedge their local currency against a sound investment.
“The RBZ would like to notify the public of the results of RBZ Gold Backed Digital tokens issue 6/2023 held on Thursday 15 June 2023. The Bank received 35 applications ZW$3 billion and US$4 199, 98 to purchase gold backed digital tokens,” said the update.
The number of bids received ZW$ currency was 33 in and just two for US$.
The price per milligram in local currency was ZW$437,87and US$0, 0660 in foreign currency.
This week, the total milligrams of gold purchased was 6,58 kgs and a cumulative 313, 9 kgs of gold since the gold backed digital tokens hit the market.
“Applications under the seventh 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 22 June 2023,” the central bank added.
