Zimbabwe’s Government Considers Using Gold to Back Its Currency
- President signaled authorities considering a currency revamp
- Zimbabwe dollar has slumped almost 50% so far this year
A street vendor counts out Zimbabwean 50 dollar banknotes in Harare.
Photographer: Cynthia R Matonhodze/BloombergThis article is for subscribers only.
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.