IMF praises Zimbabwe’s gold-backed currency initiative

adminMay 25, 2024

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The International Monetary Fund (IMF) highlighted Zimbabwe’s recent introduction of a gold-backed fiat currency as a notable policy move. The statement was the first significant comment on the currency since the IMF was created. The global financial institution also announced its intention to send a team in June to evaluate the performance of the new currency.

IMF’s initial concerns and current views on Zimbabwe’s currency reform

The gold standard currency, known as ZIG, has been recognized by the IMF as an “important policy measure.” The approval came as the IMF shared its plans to evaluate the currency in the coming months. According to the report, the IMF’s comments represent the most comprehensive assessment of Zimbabwe’s new currency since the ZIG was launched a month ago. This view appears to differ from the IMF’s initial criticism of the Reserve Bank of Zimbabwe’s (RBZ) introduction of a gold-backed digital currency.

As previously reported, the IMF expressed concern over the RBZ’s decision to launch a gold-backed digital currency. Global lenders argued that the move could threaten financial stability. Instead, the IMF recommended that Zimbabwe should focus on liberalizing its foreign exchange market rather than pursuing a digital currency path.

Despite these initial reservations, the IMF recently praised the RBZ in an emailed response for implementing several key reforms, including the introduction of ZIGs. Bretton Woods said:

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

In related news, Bloomberg reported that ZIG, which was trading at just over ZIG13.56 per dollar at launch, hit a record high of ZIG13.21 per dollar on May 23. These developments highlight the currency’s potential impact on Zimbabwe’s financial environment. .

The IMF calls Zimbabwe’s gold-backed currency an ‘important policy step’. #gold #digital currency #Fiat currency https://t.co/HuMnUghGWC
— Bitcoin.com News (@BTCTN) May 24, 2024

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