Zimbabwe: Change in Representative Rate

Volume/Issue: Volume 2024 Issue 303

Publication date: September 2024

ISBN: 9798400288593

$20.00

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Money and Monetary Policy , Metals , Currency reform , Gold , Exchange rates , Currencies

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Summary

Zimbabwe introduced the Zimbabwe Gold in April 2024, replacing the Zimbabwe dollar. In accordance with IMF Article IV, Section 2(a), regarding the obligations of members to notify the Fund of their exchange arrangements, Zimbabwe informed the Fund on April 29, 2024 of the introduction of a new currency called the Zimbabwe Gold. The Zimbabwe Gold is a structured currency which is anchored by a composite basket of foreign currency and precious metals held as reserves for this purpose by the Reserve Bank of Zimbabwe. Prior to the introduction of the Zimbabwe Gold, the Zimbabwe dollar was the currency used for operations and transactions between Zimbabwe and the Fund.