{"id":2548,"date":"2024-02-13T13:29:13","date_gmt":"2024-02-13T13:29:13","guid":{"rendered":"https:\/\/findbullionprices.com\/blog\/?p=2548"},"modified":"2024-02-21T01:28:05","modified_gmt":"2024-02-21T01:28:05","slug":"zimbabwe-takes-steps-to-move-towards-a-gold-standard","status":"publish","type":"post","link":"https:\/\/findbullionprices.com\/blog\/zimbabwe-takes-steps-to-move-towards-a-gold-standard\/","title":{"rendered":"Zimbabwe Takes Steps to Move Towards a Gold Standard"},"content":{"rendered":"\n

Amid an economic crisis with record high inflation over the last year, the country of Zimbabwe announced its plans to issue a gold-backed Central Bank Digital Currency (CBDC) as a way to facilitate easy payments and push for the adoption of local currencies over the US Dollar<\/a>.<\/p>\n\n\n\n

This week, finance minister Mthuli Ncube announced intentions to link the Zimbabwe dollar to the country’s growing gold reserves<\/a> as the country attempts to stabilize the exchange rates and the economy by reintroducing the gold-standard.<\/p>\n\n\n\n

In 2022, Zimbabwe enacted a law that required mining companies to pay a royalty on precious minerals and minerals to the country’s central bank. The royalty rates range between 5%<\/strong> for gold and platinum group metals and 10% for diamonds. Since then, the country’s central bank currently holds roughly 793kgs of gold in reserves valued at roughly $49 million at the current price with plans to grow reserves to around $100m.<\/p>\n\n\n\n

Currently, the Zimbabwe gold-backed digital currency that was introduced in 2023, is in use as legal tender and a store of value alongside the Zimbabwean dollar and bond notes. <\/p>\n\n\n\n

Zimbabwe has also expressed interest in joining the BRICS alliance<\/a>, which has a strong preference for asset backed local currency transactions for international trade.<\/p>\n\n\n\n

The land-locked Sub-Saharan country is home to a plethora of natural resources, such as large deposits of coal, chromium ore, asbestos, gold, nickel, copper, iron ore, vanadium, lithium, tin, and platinum group metals. Zimbabwe is a major exporter of platinum, cotton, tobacco, gold, ferroalloys, and textiles or clothing. <\/p>\n\n\n\n

The country contains the second-largest platinum deposit and high-grade chromium ores in the world, with approximately 2.8 billion tons of PGM and 10 billion tons of chromium ore.<\/p>\n\n\n\n

Leaders in Zimbabwe began the process of returning to the gold-standard in 2023 with the hopes of stabilizing its economy and establishing its local currency in global markets.<\/p>\n","protected":false},"excerpt":{"rendered":"

Currently, the Zimbabwe gold-backed digital currency that was introduced in 2023, is in use as legal tender and a store of value alongside the Zimbabwean dollar and bond notes. According to state-owned media reports, the country’s central bank currently holds roughly 793kgs of gold in reserves valued at roughly $49 million at the current price with plans to grow reserves to around $100m.<\/p>\n","protected":false},"author":1,"featured_media":2565,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[809,710,545],"tags":[393],"class_list":["post-2548","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cbdc","category-central-banks","category-news","tag-gold-standard"],"yoast_head":"\nZimbabwe Takes Steps to Move Towards a Gold Standard - FindBullionPrices.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/findbullionprices.com\/blog\/zimbabwe-takes-steps-to-move-towards-a-gold-standard\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Zimbabwe Takes Steps to Move Towards a Gold Standard - FindBullionPrices.com\" \/>\n<meta property=\"og:description\" content=\"Currently, the Zimbabwe gold-backed digital currency that was introduced in 2023, is in use as legal tender and a store of value alongside the Zimbabwean dollar and bond notes. 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