Zimbabwe economy: New gold backed currency replaces local dollar

Zimbabwe is replacing its collapsing local currency with a new one backed by gold and foreign currencies that it hopes will be more stable and help bring down inflation, the central bank said on Friday. The Southern African country relaunched its own currency in 2019 after a decade of dollarisation, but it struggled to win public trust and more than 80% of domestic transactions are now conducted in foreign currency.

#ZimbabweEconomy #GoldBackedCurrency #ZimbabweCurrency #EconomicPolicy #MonetaryReform #GoldStandard #FinancialNews #ZimDollar

[SOMTRUCK]

Africa is rich in natural resources, including gold, diamonds, oil, uranium, and iron ore, but it is also the poorest continent in the world 😢🤔🤔

[siriusman]

It's good starting trend for Africa

[jayjaywoodland]

Global Trends such as de-dolarization, downstream industrialization, tech independency, etc... must be kept rolling...
such that, not so easily bullied by those hegemonic nations...

[efnjolu]

Gold and silver as currency as it should be not fake paper us money lol us will be bankrupt

[redzed]

honestly why do you show the shity parts of Zim. You don't see USA showing Skidrow

[bulldogrocks]

A gold-backed currency is indeed the solution. The problem is if the government is handling it. There's no way they would not be tempted to print more than the gold value.

[absiddique]

It's better than western propaganda for Money.

[danielrodwels]

Well done Zimbabwe we are proud of this great work you are doing

[adammer]

I think if this was something serious, the US would have already sent a warship to deal with this president.

[tapiwachifunde]

Policy change and proper management of the money printer is key to keeping the new currency afloat, but unfortunately knowing our Gvt they will do something dum

[JA-pnji]

The problem is, where's the gold?

[lokesh]

Yes! It Works but Some Transactional Fees have to be done for on All Thresholds of Invoice Incomes.

[einseitig]

Very little mention of the actual Gold backing the currency. In fact no mention in the piece.
How much? Where did it come from? How will they acquire more?
Is it just an illusion?
Will the next currency be backed by Bitcoin, Ethereum or hot air?
[Edit] Or is this just a cynical act to get rid of noughts?

[labakes]

Just watch how the US will try to stop this ! May other countries follow suit quickly ! 🩷✊🏼🥳

[bhanuchandra]

First focus on citizens education and manpower and hard work for you're country.

[petermakaumutuku]

No African country can build her economy alone.We need to unite Africa as one country, one currency, one army, one constitution, one market, one president

[nuffaildaniaelle]

Malaysia, South Korea, Japan and Taiwan must do this

[BornwelMunthali-fbbe]

I want to change the money 100 dollar from Zimbabwe change in Zambia ❤in much 😊

[Jojohumf]

Zimbabwe changes currency every other week

[santostv.]

How anyone still accepts their money? I guess dollarization