The nation's sixth currency was introduced on April 5 2024 with the Reserve Bank of Zimbabwe claiming that it was backed by 2,5 tons of gold and US$100 million cash.
"It's very important for the public to be confident about the existence of these reserves that are backing the currency. By law, we have put in place mechanisms that auditors should be able to audit the existence of this gold. "Most African countries and many others in emerging markets are facing trouble in stabilising their currencies. Everyone is trying to figure out how best they can stabilise their currencies to maintain competitiveness.
He underscored that the nation was not returning to the gold standard and stressed the commitment to limit the issuance of the domestic currency and reserve money and only to increase it in line with base reserve assets.
South Africa South Africa Latest News, South Africa South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: SATodayNews - 🏆 44. / 51 Read more »
Somalia: UN Officials Meet Minister of Finance of SomaliaThe Minister of Finance of SomaCatriona Lainglia, Bihi Iman Cige met with top United Nations officials in Mogadishu, the country's capital on Sunday.
Source: allafrica - 🏆 1. / 99 Read more »
South Africa: Finance Minister to Determine NHI Funding After Bill Signing - South African News BriefsFinance Minister to Determine NHI Funding After Bill Signing
Source: allafrica - 🏆 1. / 99 Read more »
Source: City_Press - 🏆 7. / 72 Read more »
Source: mailandguardian - 🏆 2. / 92 Read more »