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Thursday, May 30, 2024

RBZ to roll out gold tokens

RBZ to roll out gold tokens

Story by Stanley James, Business Editor

ZIMBABWEANS will soon be using Gold Backed Digital Tokens (GBDT) to complement the local and foreign currency in facilitating domestic transactions in light of the stable global gold prices.

Members of the Reserve Bank of Zimbabwe Monetary Policy Committee (MPC) met this week to discuss and assess the current macro-economic situation in the country.

Resolutions of the meeting released to ZBC News Friday indicate that the committee approved plans by the central bank to roll out the Gold Backed Digital Tokens (GBDT) for value preservation purposes.

Under the plan, the Digital Tokens will be backed by physical gold held by the central bank.

There are indications that monetary authorities are almost ready for the eventual rolling out of the Gold Baked Digital Tokens for domestic transactional purposes, with countrywide awareness campaigns on the cards.

The MPC also noted the sustained drop in inflation as well as the prevailing stable economic climate.

It resolved to maintain a tight monetary policy stance and keep interest rates or the bank policy rate at 150 % per annum.

The committee further revealed that the monetary and financial conditions are conducive to sustaining the prevailing stability given the robust economic growth of 5.3% expected by the end of the year.

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