Zimbabwe made gold coins legal tender

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How did I miss this story!?!?

October 2022 (emphasis mine):
The introduction of gold coins by the Reserve Bank of Zimbabwe (RBZ) to mop up excess liquidity in the market and halt runaway inflation seems to be bearing fruit, at least for now. Individual buyers had taken up 35% of the bullion, with 65% being snapped up by corporates. As at 22 September 2022, a total of 9,516 gold coins had been sold to both individuals and corporate buyers, according to the Reserve Bank of Zimbabwe Governor, Dr John Mangudya. The gold coins are minted by the RBZ-owned Fidelity Printers, the sole buyer of gold in the country. Their price is determined by the international market rate for an ounce of gold, plus five per cent for the cost of producing the coin. Each coin weighs one troy ounce and has a purity of 22 carats. The Zimbabwe government took the unprecedented step of introducing gold coins as legal tender after inflation spiked from 191% in June to 257%. Currently, the central bank has been supplying the market with one-ounce coins, which hit the market at US$1,884.80, which saw fewer ordinary people participating because of the elevated price. The RBZ will in November introduce lower denomination gold coins to enable the participation of ordinary citizens. The smallest, a tenth of an ounce, will be made available to the public through banks and approved dealers.
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www.africa.com

IMF Believes Zimbabwe's Gold Coins are a Missed Chance to Build the Nation’s Gold Reserves - Africa.com

The introduction of gold coins by the Reserve Bank of Zimbabwe (RBZ) to mop up excess liquidity in the market and halt runaway inflation seems to be bearing
www.africa.com www.africa.com

This looks like Ron Paul's competing currencies bill in action, but on a limited scale/basis.

December 2022:
An International Monetary Fund (IMF) team led by Dhaneshwar Ghura conducted a visit to Zimbabwe from December 1 to 15.

At the conclusion of the mission, Ghura issued a statement, which, among other things, encouraged the Reserve Bank of Zimbabwe (RBZ) “to wind down the use of gold coins”.
...
The Monetary Policy Committee and the RBZ never viewed gold coins as a silver bullet, but a necessary intervention at the time. It was an idea mooted to contain and reverse the accelerated depreciation of the local currency.

The product worked, as we had imagined it would. Immediately after introduction, gold coins drew away attention from the United States dollar. In our books, the effect was very impactful.

Gold was seen as the best product to contain local currency volatilities, as it offered a viable alternative to the United States dollar.

There has been some misconception, with some referring to gold coins as a currency. For the record, gold coins are not a currency. By design, the RBZ did not intend to issue them without limit.

The authorities’ intention and logic were very clear.

They sought to achieve major gains in exchange rate stability from a limited number of gold coins.

This is why, as of November 2022, the RBZ had only issued 14 200 gold coins worth Z$13.6 billion.

The target was always to issue a maximum of 15 000 gold coins; this is why the IMF agreed with the authorities to wind down their issuance.

The next step, after achieving a measure of stability, is now on attractive local currency investment instruments to anchor our currency.

By Persistence Gwanyanya- Member of the RBZ Monetary Policy Committee
Click to expand...

Zimbabwe gold coins have done their job | The Insider

An International Monetary Fund (IMF) team led by Dhaneshwar Ghura conducted a visit to Zimbabwe from December 1 to 15. At the conclusion of the mission, Ghura issued a statement, which, among other things, encouraged the Reserve Bank of Zimbabwe (RBZ) “to wind down the use of gold coins”. Ghura...
insiderzim.com
 
Any idea where I can purchase one?

I'm thinking I'd like to make a display. One of these contrasted with one of their one hundred trillion dollar notes.
 
JayDubya said:
Any idea where I can purchase one?

I'm thinking I'd like to make a display. One of these contrasted with one of their one hundred trillion dollar notes.
Click to expand...


They're all over ebay for around $30.

zimbabwe1.jpg
 
CiscoKid said:
They're all over ebay for around $30. ...
Click to expand...

That's not the correct coin.

visuel-avec-descriptif.png

numismag.com

2022 Gold coin "Mosi-oa-Tunya" from ZIMBABWE - Numismag

2022 Gold coin "Mosi-oa-Tunya" from ZIMBABWE - Reserve Bank of ZIMBABWE - it is worth its weight in gold (one ounce) + a 5% premium
numismag.com numismag.com

See also:

miningzimbabwe.com

Gold coin reveal: RBZ releases details of the Mosi-Oa-Tunya Gold Coin

The gold coin shall be called the Mosi-Oa-Tunya Gold Coin with the following characteristics: (i) Weight – one troy ounce. (ii) Purity – 22 carats. (iii) Identification
miningzimbabwe.com miningzimbabwe.com
 
I can't see how an ounce of gold makes for a very practical coin. It isn't as if many people spend $1,900 on groceries at one time.
 
CiscoKid said:
I can't see how an ounce of gold makes for a very practical coin. It isn't as if many people spend $1,900 on groceries at one time.
Click to expand...

I doubt people are using them for commercial transactions. I imagine folks are using them to preserve wealth. Gresham's Law. Folks will use/spend the fiat and hold on to the gold.
 
5% premium is pretty good these days. They should sell a ton.
 
The reports I read (in the OP) claimed that there was going to be a limit of 15,000 coins issued. This report seems to say that there is no hard limit. Also, earlier report says 14,000+ coins were "issued" (minted?) back in November. This report claims only 11,000 (presumably through the date of publication in January) were sold:
...
Reserve Bank of Zimbabwe governor, John Mangudya, believes that gold coins are an alternative foreign currency investment to dissuade traders, investors and other economic players from holding and hoarding forex for speculative purposes.

The International Monetary Fund has cautioned Zimbabwe against gold coins, but Mangudya insists on continuing to issue the assets, which are hedged against movements in the international spot gold price.

“Use of gold coins for mopping excess liquidity is particularly important in the dual currency environ where the public has a choice of holding both the dollar and local currency,” said Mangudya this week.

Zimbabwe has sold about 11 000 gold coins, with 35% of these taken up by individual investors and the balance by corporates.

Against this backdrop, the Zimbabwean central bank says it will not discontinue the gold coins “until such time when there is a high preference” by Zimbabweans “to hold domestic currency-denominated” assets.
...
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THE Government has applauded Bard Santner Investors, a local investment firm for making gold coins more accessible to the public through their Gold Coin Unit Trust.

On Monday, Bard Santner launched the Gold Coin Unit Trust, which will enable investors with as little as US$15, to buy gold coins, also known as Mosi-oh Tunya.

The Reserve Bank of Zimbabwe (RBZ) launched gold coins in June last year, as an alternative investment instrument to ease pressure on the demand for the US dollars and mop up excess liquidity on the market which was destabilising the exchange rate.

In six months to June 2022, runaway inflation saw people rushing to cash in their local dollars for the greenback and this fuelled the depreciation of the domestic currency.

Just like ordinary unit trusts, collective investment schemes involving the pooling of funds by a number of investors, the Gold Coin Unit Trust enables investors to invest a minimum of just US$120 per year and own a share of a gold coin.

Alternatively, investors can accumulate units at a rate of US$15 per month. The minimum investment period is 180 days and a withdrawal notice period of seven days is required.
...
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www.herald.co.zw

Gold coin unit trust to boost local savings

Zimbabwe's largest daily newspaper
www.herald.co.zw www.herald.co.zw
 
It sounds like Zimbabwe has almost gone full out with the Competing Currencies idea:
...
Last year, the Government enacted legislation to entrench the multi-currency system, which makes both the United States and Zimbabwe dollars legal tender for all local transactions for the duration of the National Development Strategy 1 (NDS1), the country's medium-term economic blueprint, which runs until 2025.

Before the enactment of the law, the Government had already legalised the use of foreign currency for local transactions in March 2020 at the height of Covid-19.

There was phenomenal growth in the use of US dollars including loans to corporates and individuals, payments of utility bills and local authorities, and salary payments.

The US dollar-based retail transactions also increased after the narrowing of the gap between black and official exchange rates since August last year when the Government put in place several measures to stabilise the local currency and tame inflation.
...
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allafrica.com

Zimbabwe: High Tax Loss Risk As Economy Re-Dollarises

With the Zimbabwean economy set to move towards full "re-dollarisation", economic analysts have warned of growing risk of serious potential tax loss coming along with the growing use of the US dollars.
allafrica.com allafrica.com

I wonder if economists will one day consider Zimbabwe as a case study on this issue.
 
Zimbabawe tried the one way with infinite inflation. Now the pedulum is swinging back the other way. It would be interesting to see if Venezuela can fix their economy in the same way.

I imagine the brain drain on those 2 countries has been exhorbitant.
 
nickndfl said:
Zimbabawe tried the one way with infinite inflation. Now the pedulum is swinging back the other way. It would be interesting to see if Venezuela can fix their economy in the same way.

I imagine the brain drain on those 2 countries has been exhorbitant.
Click to expand...
Venezuela common man is already clipping gold coins, bartering and trading services for commerce.
You don't hear about it because it does not fit the MSM narrative on how great socialism is.
 
Zimbabwe will be the scene for the next distractive insurrection, uprising, coup, (pick your favorite descriptive word). The central banker cabal is just keeping their funded, I mean hired, proxy forces in reserve until they need the world to focus on Zimbabwe and away from what they are really doing.

Ghaddafi tried to institute a gold based currency, a gold dinar, in Libya and all of a sudden there were how many rebel factions all bearing down on him? How much do you want to bet this will play out like a summer re-run on TV?
 
The Saudis will getvthe Libyan treatment if they do the same.
 
A slightly different opinion on the state of monetary affairs in Zimbabwe:
... On a final note: those economists and other analysts who are peddling the narrative that the Zimbabwean economy is stabilising are either living in dreamland, fools’ paradise or on a cloud cuckoo land. ...
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www.newsday.co.zw

Is unofficial dollarisation of Zim financial system legal?

Is unofficial dollarisation of Zim financial system legal?
www.newsday.co.zw www.newsday.co.zw
 
According to Cliff High the U.S. Mint is making GOLD and SILVER Eagles as fast as they can BUT are not offering them for sale to the public.
The Rainy Day may be closer than we thought.

OBTW: Nigeria is following suit of Zimbabwe.
 
Last edited:
nickndfl said:
Zimbabawe tried the one way with infinite inflation. Now the pedulum is swinging back the other way. It would be interesting to see if Venezuela can fix their economy in the same way.

I imagine the brain drain on those 2 countries has been exhorbitant.
Click to expand...
I think Venezuela still needs to get their gold back from England.

Goldbrix said:
According to Cliff High
Click to expand...
If he and Biden were sitting in the same room telling stories I'm not sure who I would believe. Neither of them have much credibility. There was an old thread on GIM that asked if CH was ever right. I said no then and will continue to say that until one day he gets something right.
 
Goldbrix said:
According to Cliff High the U.S. Mint is making GOLD and SILVER Eagles as fast as they can BUT are not offering them for sale to the public.
The Rainy Day may be closer than we thought.

OBTW: Nigeria is following suit of Zimbabwe.
Click to expand...
I guess the real way to verify this statement is to see how busy the suppliers of gold blanks to the US mint are? The US mint stopped making gold and silver blanks probably over 20 years ago.
 
Report from 3 days ago says Zimbabwe currency devaluation vs dollar / high inflation still problematic, but gold coin program is helping:
... The gold coins put on the market are gradually taking effect, stabilizing the violently fluctuating exchange rate of the Zimbabwean currency against foreign currencies. Also, the inflation rate in the African country has seen a month-on-month decline since the end of last year.
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www.voazimbabwe.com

Zimbabweans Suffer from Currency Depreciation, Soaring Inflation

Zimbabwean are now suffering from the depreciation of domestic currency and the high inflation rate, against the backdrop of global inflation. Global food and energy prices have continued to soar, and so have prices in Zimbabwe. In addition, the U.S. Federal Reserve's continuous aggressive...
www.voazimbabwe.com www.voazimbabwe.com
 
... The gold coin Mosi-oa- Tunya is now the reference point of the trading of foreign exchange. The hard currency market has since jettisoned the fungible Old Mutual stock derivative of the Zimbabwe Stock Exchange.

“The duet of the two fiat monetary units of Old Mutual Implied Rate of Exchange and US dollar of Federal Reserve Bank no longer run rooster in Zimbabwe,” said Cde Mutsvangwa.
...
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www.herald.co.zw

Zimbabwe development riles detractors

Zimbabwe's largest daily newspaper
www.herald.co.zw www.herald.co.zw

^ It's a political party spokesperson touting the success of one of their programs (during an election season), so I don't know just how much the statements are reflective of reality. But if it's true, that's pretty amazing.
 
pmbug said:
That's not the correct coin.

visuel-avec-descriptif.png

numismag.com

2022 Gold coin "Mosi-oa-Tunya" from ZIMBABWE - Numismag

2022 Gold coin "Mosi-oa-Tunya" from ZIMBABWE - Reserve Bank of ZIMBABWE - it is worth its weight in gold (one ounce) + a 5% premium
numismag.com numismag.com

See also:

miningzimbabwe.com

Gold coin reveal: RBZ releases details of the Mosi-Oa-Tunya Gold Coin

The gold coin shall be called the Mosi-Oa-Tunya Gold Coin with the following characteristics: (i) Weight – one troy ounce. (ii) Purity – 22 carats. (iii) Identification
miningzimbabwe.com miningzimbabwe.com
Click to expand...
Are these minted from that place in Aussieland...the kind with a cremefilled center?
 
OldGarandDad said:
Zimbabwe will be the scene for the next distractive insurrection, uprising, coup, (pick your favorite descriptive word). The central banker cabal is just keeping their funded, I mean hired, proxy forces in reserve until they need the world to focus on Zimbabwe and away from what they are really doing.

Ghaddafi tried to institute a gold based currency, a gold dinar, in Libya and all of a sudden there were how many rebel factions all bearing down on him? How much do you want to bet this will play out like a summer re-run on TV?
Click to expand...
Yeah, but Zimbabwe doesn't have oil to control...plus we would need to put in our banking scheme...remember cankles cackling...We came, we saw, we killed him...if I were an ambassador to Z land I think I'd want to relocate...take a demotion even.
 
Didn't want to start another thread so...............

Zimbabweans outraged by Al Jazeera exposé of gold smuggling elite​


5h ago

Harare, Zimbabwe – Revelations of gold smuggling by individuals affiliated with Zimbabwean government officials and the ruling party in an Al Jazeera documentary have triggered outrage in the country.

The four-part documentary titled The Gold Mafia was filmed by Al Jazeera’s Investigative Unit (I-Unit), based on dozens of undercover operations spanning three continents and thousands of documents.

 
Some things (like corruption) never change.
 
HARARE, March 30 (Xinhua) -- The Reserve Bank of Zimbabwe (RBZ) on Thursday said it had sold 31,866 gold coins in different denominations as of March 10, mopping up more than 25.8 billion Zimbabwean dollars and easing domestic inflationary pressures.

"The MPC (Monetary Policy Committee) noted with satisfaction that month-to-month inflation declined from 0.7 percent in January 2023 to -1.6 percent in February 2023 and 0.1 percent in March 2023. Annual inflation also declined from 101.5 percent in January 2023 to 92.3 percent in February 2023 and further down to 87.6 percent in March 2023," RBZ governor John Mangudya said in a press statement.
...
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Zimbabwean central bank says gold coins introduced in last year have eased inflation

Zimbabwean central bank says gold coins introduced in last year have eased inflation-
www.chinaview.cn

LOCAL pension funds spent ZW$2, 29 billion on Gold Coins within a short space of just six months bearing testimony to the value which locals are placing on the instrument, Insurance and Pensions Commission (IPEC) latest data has shown.
...
IPEC data released this week shows that the country's pension industry has fallen the bullion as an avenue to invest their local currency earnings largely generated from workers contributions.

"As at 31 December 2022, the industry had acquired 1,762 bullion coins of varying denominations with a value of ZW$2, 29 billion up from the initial investment of ZW$170 million since their introduction in June 2022," said IPEC.

The strategy has not only served as a hedge against inflation, but also paid dividends with the sector cashing in from the current global appreciation in the value of gold.

"The coins were acquired at an aggregated cost of ZW$1,9 billion and appreciated in value as a result of increases in the price of gold on the international market," the insurance and pensions regulator said.
...
"Gold coins have been accorded a prescribed asset status which means that pension funds have to invest a certain percentage into these gold coins. I think it's a good investment in that they provide an opportunity to diversify the pension funds investment portfolio.
...
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It may not necessarily work in other economies, but in Zimbabwe it appears specie coins are helping to bring inflation under control.

According to a recent statement made by Reserve Bank of Zimbabwe Governor John Mangudya, Zimbabwe’s recently released Mosi-oa-Tunya gold coins “have proved to be an effective open market instrument for mopping up excess liquidity in the economy.”
...
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CiscoKid said:
I can't see how an ounce of gold makes for a very practical coin. It isn't as if many people spend $1,900 on groceries at one time.
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Good point. I assume they have the mailing address of South Africa, and can ask them pretty please to do the same for Zimbabwe that they did for Krugerrands:

Mint their Zimbabwe gold into different denominations, such as the 1/10 oz. K-Rand.

Use the big coins for big buys. Use formal partial coins or goldbacks for smaller. No problem.
 
The Reserve Bank of Zimbabwe (RBZ) governor John Mangudya says his top priorities are to leave behind a sound financial system, strong central bank, and stable prices as his two terms come to an end.

Mangudya, an economist by training, was chosen by former president Robert Mugabe to serve as governor of the RBZ on May 1, 2014.

He succeeded Gideon Gono, who accelerated the central bank printing press to keep up with hyperinflation.

On May 1, 2019, President Emmerson Mnangagwa appointed him to a second and last five-year term as governor, which ends next year.
...
Bulawayo based-economist, Stevenson Dhlamini said Mangudya scored some wins despite the harsh economic environment in the country.

“We appreciate that there has been growth in financial technology ever since he took office,”

“We have seen the introduction of the gold coins that brought some degree of stability of the Zimbabwean dollar,” Dhlamini said.
...
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mbaretimes.com

John Mangudya speaks on looming exit - Mbare Times

The Reserve Bank of Zimbabwe (RBZ) governor John Mangudya says his top priorities are to leave behind a sound financial system, strong central bank, and stable prices as his two terms come to an end. Mangudya, an economist by training, was chosen by former president Robert Mugabe to serve as...
mbaretimes.com mbaretimes.com

That appears to be a somewhat independent assessment of the gold coin program.
 
pmbug said:
mbaretimes.com

John Mangudya speaks on looming exit - Mbare Times

The Reserve Bank of Zimbabwe (RBZ) governor John Mangudya says his top priorities are to leave behind a sound financial system, strong central bank, and stable prices as his two terms come to an end. Mangudya, an economist by training, was chosen by former president Robert Mugabe to serve as...
mbaretimes.com mbaretimes.com

That appears to be a somewhat independent assessment of the gold coin program.
Click to expand...
There is not one mention of woke or climate change from Zimbabwe. It makes the FED look like a bunch of incompetent crooks.
 
THE Reserve Bank of Zimbabwe (RBZ) is set to introduce a gold-backed digital currency to be used as legal tender for transacting in the country as part of interventions to stabilise the local currency.

Introduction of the digital gold tokens, a form of electronic money backed by gold held at the RBZ, will represent the first steps by the central bank towards using the country’s gold reserves to anchor the Zimbabwe dollar.

Monetary authorities envisage the digital gold tokens will allow those holding small amounts of Zimbabwe dollars to exchange their money for tokens in order to store value and hedge against exchange rate volatility.

The development comes as the RBZ is also mulling releasing more Mosi-oa-Tunya gold coins onto the market to tame the recent depreciation of the Zimbabwe dollar on the parallel market.
...
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www.sundaymail.co.zw

RBZ introduces gold-backed digital currency

The Leading Family Newspaper in Zimbabwe
www.sundaymail.co.zw www.sundaymail.co.zw

Need more details, but it sounds like a way to make it easier for people to buy/use small fractional bits of gold.
 
Zimbabwe needs $100 million of gold to kick-start its proposed bullion-backed digital currency, as the southern African nation makes another attempt to stabilize its floundering dollar.

The central bank will rely on gold reserves, which it has been accumulating, to support the initiative and stem the local currency’s volatility, according to Persistence Gwanyanya, a member of the central bank’s monetary policy committee.

“Any amount around or less than $100 million will be able to deal with our challenge in a big way,” Gwanyanya said in an interview by phone on Monday from the capital, Harare. “We expect the central bank to bring a respectable quantity that can stabilize the Zimbabwe dollar and boost demand.”
...
State-owned media reported earlier this month that the country had 350 kilograms (12,346 ounces) of gold in reserves, citing John Mangudya, the central bank governor.

Zimbabwe targets a 14% increase in gold production to 40 tons this year. It earned $377 million from gold production in the first quarter compared with $463 million a year ago, according to data provided by Fidelity Gold Refineries, the nation’s sole refinery.

The plan for a gold-backed digital currency was approved by the monetary policy committee last month. Zimbabwe introduced gold coins last June as a store of value and to help support the local unit.

The Reserve Bank of Zimbabwe is finalizing a date to start the gold-backed digital currency, according to Innocent Matshe, the central bank’s deputy governor.

“It’s a concept which is pretty straightforward, we tokenize the gold, we have the gold,” he said by phone. “Every time we issue a coin, it is backed by real gold. We are still finalizing the details, but most countries are asking us how we came up with that plan.”

Matshe declined to comment on the value of gold which will be used to back the digital currency.
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From the link:

The Reserve Bank of Zimbabwe (RBZ) invited individuals and financial institutions in the country to subscribe to its upcoming gold-backed digital token in a Thursday notice.

Applications for the tokens must be for a minimum of $10 for individuals and $5,000 for financial institutions and corporates, according to the notice.

RBZ announced in April that the tokens, meant to combat its volatile local currency, will be issued on May 8. In March, inflation in Zimbabwe stood at 87.6% after hitting a high of 285% in 2022.

www.coindesk.com

Zimbabwe Central Bank Wants Citizens to Subscribe to Its Gold-Backed Digital Currency

The Reserve Bank of Zimbabwe has said the tokens will be issued on May 8.
www.coindesk.com www.coindesk.com
 
The IMF is still not happy with Zimbabwe. First they told Zimbabwe to stop selling legal tender gold coins (see OP). Now they are telling Zimbabwe not to sell gold back crypto/tokens:

The International Monetary Fund has cautioned Zimbabwe against adopting a gold-backed digital currency to deal with macroeconomic challenges like volatility in the local unit, saying it should rather liberalise its foreign-exchange market.

The central bank started selling digital tokens to investors on Monday for a minimum price of US$10 for individuals and $5 000 for corporates and other entities, as part of efforts to reduce demand for US dollars that now supersede the local unit as the preferred currency for transactions. The token will later also be used for transactions.

“A careful assessment should be conducted to ensure the benefits from this measure outweigh the costs and potential risks including, for instance, macroeconomic and financial stability risks, legal and operational risks, governance risks, cost of forgone FX reserves,” an IMF spokesman said on Tuesday in an e-mailed response to questions.

The Washington-based lender urged authorities in the Southern African nation to rather use conventional measures to address economic challenges. Those measures include maintaining a tight monetary policy stance and accelerating the liberalisation of the foreign-currency market by removing restrictions on the exchange rate at which banks, authorised dealers and businesses transact, it said.
...
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techcentral.co.za

IMF cautions Zimbabwe against digital currency plan - TechCentral

The International Monetary Fund has cautioned Zimbabwe against adopting a gold-backed digital currency.
techcentral.co.za techcentral.co.za
 
Here we go again:

"PEACE! .......................................................... Or we will wipe you out.
 
From the link:

Zimbabwe is looking to gold to “expand value-preserving instruments,” launching a gold-backed digital currency last week as the nation suffers from hyperinflation and its currency continues to diminish in value.

The move is an “interesting experiment to see if locals will warm up to a more stable currency and trust the nation’s central bank in its endeavors,” Peter Spina, president of GoldSeek.com, told MarketWatch.

The Reserve Bank of Zimbabwe said it was issuing the gold-backed digital tokens in a move to “expand value-preserving instruments” available in the nation’s economy, as well as “enhance the divisibility of the investment instruments and widen their access and usage by the public.”

www.marketwatch.com

Zimbabwe is launching gold-backed digital tokens: What you need to know

Zimbabwe has looked to gold to “expand value-preserving instruments,” launching a gold-backed digital currency this week as the nation suffers from...
www.marketwatch.com www.marketwatch.com
 
Despite a clear warning from the International Monetary Fund (IMF), the Reserve Bank of Zimbabwe has sold 14 billion Zimbabwean dollars' ($39 million) worth of gold-backed digital coins to address the several challenges faced by the country's financial system.
...
... in a notice released on May 12, the Zimbabwe's central bank announced it had received 135 applications, amounting to a total of ZW$14.07 billion, to purchase the cryptocurrency backed by gold.

"The Reserve Bank of Zimbabwe would like to notify the public of the results of the RBZ Gold-backed Digital Tokens issue No. 1/2023 held on Friday 12 May 2023. The Bank received 135 applications valued at ZW$14,077,337,421 and US$810 to purchase gold-backed digital tokens. The full amount was allotted," the official notification read.

The tokens made their debut last month, with the notable mention that they were supported by a total of 139.57 kilograms of gold. The sale of these tokens commenced on May 8 and concluded on May 12.

While individuals could acquire the tokens at a minimum price of $10, corporate entities purchased them for a higher amount of $5,000.

As per the notification, Zimbabwe is currently planning another sale round for the digital tokens, and interested buyers may submit their applications between now and May 18.
...
Click to expand...

www.ibtimes.com

Zimbabwe Reserve Bank Sells $39M Worth of Gold-Backed Digital Tokens Despite IMF warning

The Zimbabwean central bank announced it had received 135 applications, amounting to a total of 14.07 billion Zimbabwean dollars.
www.ibtimes.com www.ibtimes.com

Apparently, the digital tokens are called "Goldaz".

Banks in Zimbabwe may offer loans using the newly released gold-backed digital tokens as collateral.

The digital money that the central bank envisages as eventually being used in day-to-day transactions will compel lenders “to enable a third currency in their systems” in order to facilitate payments, the Bankers Association of Zimbabwe said in an emailed response to questions on Thursday.

“As the balances on gold-backed digital tokens transacting currency grows, there is potential for the banks to offer all products that are offered in Zimbabwe dollars and US dollars,” it said.
...
The central bank last week received 135 applications valued at 14 billion Zimbabwe dollar ($11 million) to buy the tokens, backed by 140 kilograms (309 pounds) of gold reserves. A second auction held Thursday sold tokens worth 71.6 kilograms of gold.
...
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www.moneyweb.co.za

Zimbabwe banks may offer loans backed by new digital money

Lenders in Zimbabwe include local units of the Johannesburg-based Standard Bank Group and Nedbank.
www.moneyweb.co.za www.moneyweb.co.za

Those two reports were published 3 days apart. Did the Zimbabwe dollar lose 2/3 of it's value in those 3 days or did one of the publishers make a math mistake? Both mention 14B Zimbabwe dollar's worth of Goldaz sold at the first auction, but they have very different conversions of that amount to US Dollars ($39M vs $11M).
 
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