Zimbabwe Banks May Offer Loans Backed by New Digital Money
- Digital money is part of strategy to support local currency
- Central bank sells almost 72 kilograms of gold at auction
A pedestrian walks past the Zimbabwe Reserve Bank in Harare.
Photographer: Jekesai Njikizana/AFP/Getty ImagesThis article is for subscribers only.
Banks in Zimbabwe may offer loans using the newly released gold-backed digital tokens as collateral.
The digital money that the central bank envisages as eventually being used in day-to-day transactions will compel lenders “to enable a third currency in their systems” in order to facilitate payments, the Bankers Association of Zimbabwe said in an emailed response to questions on Thursday.