Ray Ndlovu, Bloomberg News
14h ago
(Bloomberg) – Zimbabwe may back its currency with gold in an effort to end exchange-rate instability, Finance Minister Mthuli Ncube said.
“In order to manage growth of liquidity, we may link the exchange rate to a hard asset such as gold,” the minister said in an online press briefing held Monday to announce a conference of African ministers that Zimbabwe will host at the end of this month.
https://x.com/GoldTelegraph_/status/1757081932373062101?s=20
https://x.com/starseedastro/status/1757084906025603248?s=20
https://x.com/GoldSilverHQ/status/1757082850107523355?s=20
https://x.com/GoldSilverHQ/status/1757082673393152127?s=20
It’s all coming together:-
Where will they get the gold?
Buying it and also mining.
By Nyasha Chingono
January 8, 20245:43 AM
HARARE, Jan 8 (Reuters) - Zimbabwe produced 30 metric tons of gold in 2023, 15% less than the previous year, official data showed on Monday, as electricity cuts and currency volatility impacted output.
The southern African country was once among the top gold producers on the continent but has fallen far behind regional peers Ghana, Mali, Burkina Faso, Guinea and Tanzania as an extended economic crisis kept investors away.
Zimbabwe remains largely under-explored and its operating mines struggle to raise capital due to concerns over government policy and property rights, especially after the seizure of white-owned farms at the turn of the century.
https://www.reuters.com/markets/commodities/zimbabwe-gold-output-declines-15-amid-electricity-forex-shortages-2024-01-08/
Not practical. Amounts they mine are very small compared za national Budget.