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Zimbabwe considers using gold to back its currency

By Ray Ndlovu
Bloomberg News
Monday, February 12, 2024

Zimbabwe may back its currency with gold in an effort to end exchange-rate instability, Finance Minister Mthuli Ncube said.

"To manage growth of liquidity, we may link the exchange rate to a hard asset such as gold," Ncube said in an online press briefing held today to announce a conference of African ministers that Zimbabwe will host at the end of this month.

... Dispatch continues below ...

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Zimbabwean President Emmerson Mnangagwa last week signaled the authorities are considering a revamp of the world's worst-performing currency. He said the Treasury and monetary authorities are working on a "structured currency." ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2024-02-12/zimbabwe-dollar-may-get-gold-backing-finance-minister-says

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Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

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