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How Zimbabwe plans to link its new money supply with gold reserves
From Al Jazeera, Doha, Qatar
Friday, April 5, 2024
...Analysts have questioned whether Harare has enough reserves to adequately back the new currency, and if the latter could suffer from volatility in gold prices.
On Thursday, President Emmerson Mnangagwa inspected the central bank's vaults that [John] Mushayavanhu [the governor of Zimbabwe’s Reserve Bank] -- who was appointed earlier this year -- said hold 1.1 tonnes of solid gold.
... Dispatch continues below ...
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The bank also has almost 1.5 tonnes more abroad, as well as $100 million in cash and precious minerals, such as diamonds, that if converted into gold would account for another 0.4 tonnes, Mushayavanhu said.
Altogether, the reserves' value totals $285 million, which Mushayavanhu highlighted was "more than three times cover for the ZiG currency being issued."
Meanwhile, the central bank added that it would adopt a tight monetary policy, linking money supply growth to growth in gold and foreign exchange reserves. ...
... For the entire report:
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