IMF Praises Zimbabwe’s Gold-Backed Currency Initiative

The
International
Monetary
Fund
(IMF)
has
highlighted
Zimbabwe’s
recent
introduction
of
a
gold-backed
fiat
currency
as
a
noteworthy
policy
measure.
This
statement
marks
the
IMF’s
first
significant
commentary
on
the
currency
since
its
inception.
The
global
financial
institution
has
also
announced
its
intention
to
send
a
team
in
June
to
assess
the
new
currency’s
performance.

IMF’s
Initial
Concerns
and
Current
Perspective
on
Zimbabwe’s
Currency
Reforms

The
gold-backed
currency,
referred
to
as
ZIG,
has
been
recognized
by
the
IMF
as
an
“important
policy
step.”
This
acknowledgment
came
as
the
IMF
shared
plans
to
evaluate
the
currency
in
the
upcoming
months.
According
to
reports,
the
IMF’s
comments
represent
its
most
comprehensive
assessment
of

Zimbabwe’s
new
currency
since
the
ZIG
was
launched
over
a
month
ago.
This
perspective
appears
to
differ
from
the
IMF’s
earlier
criticisms
regarding
the
Reserve
Bank
of
Zimbabwe’s
(RBZ)
introduction
of
a
gold-backed
digital
currency.

Previously,
as
reported,
the
IMF
had
expressed
concerns
about
the
RBZ’s
decision
to
launch
a

gold-backed
digital
currency.
The
global
lender
argued
that
this
move
could
threaten
financial
stability.
Instead,
the
IMF
recommended
that
Zimbabwe
should
focus
on
liberalizing
its
foreign
exchange
market
rather
than
pursuing
the

digital
currency
route.

Despite
these
initial
reservations,
the
IMF,
in
a
recent
email
response,
praised
the
RBZ
for
implementing
several
key
reforms,
including
the
introduction
of
the
ZIG.
The
Bretton
Woods
institution
stated,

“The
introduction
of
the
ZIG
represents
an
important
policy
action,
complemented
by
several
other
policy
changes,
including
monetary,
exchange
rate,
and
fiscal
policy
measures.”

In
related
news,
Bloomberg
reported
that
the
ZIG,
which
initially
traded
at
slightly
over
ZIG13.56
per
dollar
at
its
launch,
achieved
its
highest
value
of
ZIG13.21
per
dollar
on
May
23.
This
development
highlights

the
currency’s
potential
impact
on
Zimbabwe’s
financial
landscape.

IMF
Calls
Zimbabwe’s
Gold-Backed
Currency
an
‘Important
Policy
Action’

#gold

#digitalcurrency

#fiatcurrency

https://t.co/HuMnUghGWC

—
Bitcoin.com
News
(@BTCTN)

May
24,
2024

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