24 October 2017
   
I’ve got cancer too – Tsvangirai advisor
Pope: I'm paying close attention to Kenya
WHO: Rivals cheer Mugabe’s shame
Diaspora vote: New Con-Court challenge
Gukurahundi: Dumiso to confront Mugabe
Black market con: Hre man loses $10,000
Cop bashing vendor faces 6mths jail
Gutu without water 3wks; demonstrations
MORE NEWS
Zim gold miner cheers investors
Stock market closes week in black
MORE BUSINESS
Mr Ugly is back! 13 up for 2017 gong
EU Film Festival comes to Bulawayo
MORE SHOWBIZ
Zidane is Fifa's 2017 men's coach of the yr
Ronaldo best Fifa men's player of the yr
MORE SPORTS
SA: Media freedom remains fragile
Zimbabwe is Africa’s shakedown state
MORE OPINION
 
Sunday Roast: Brave, heroic diarrhoea!
Clerics! Please plead the cause of the poor
MORE COLUMNISTS
 
 
RBZ urges gold-backed Zim dollar
15/05/2011 00:00:00
by Business Reporter
 
Ditched ... RBZ urges currency re-think
 
RELATED STORIES
Court officer nicks old Zim dollar notes
Is Bitcoin the answer to Zim currency woes?
Chinamasa statement on Zim dollar
RBZ quashes Zim dollar speculation
Why it is difficult to bring Zim dollar back
No immediate Zim dollar return: Gono
Officials in new push for Chinese Yuan
Gono, Zanu PF push Zim-dollar return

THE central bank says the country must consider adopting a gold-backed Zimbabwean dollar warning that the US greenback’s days as the world’s reserve currency are numbered.

Government ditched the Zimbabwe dollar in 2009 after it had been rendered worthless by record inflation levels and adopted multiple foreign currencies with the US dollar, the South African Rand and the Botswana being the most widely used.

Finance minister Tendai Biti says the country needs at least six months import cover and a sustainable track-record of economic growth, inflation stability and above 60 percent capacity utilisation in industry before the Zim dollar can be brought back into circulation.

However central bank chief, Dr Gideon Gono said the country should consider adopting a gold-backed currency.

“There is a need for us to begin thinking seriously and urgently about introducing a Gold-backed Zimbabwe currency which will not only stable but internationally acceptable,” he said in an interview with state media.

“We need to re-think our gold-mining strategy, our gold-liberalisation and marketing strategies as a country. The world needs to and will most certainly move to a gold standard and Zimbabwe must lead the way.”

Gono said the inflationary effects of United States’ deficit financing of its budget was likely to impact other countries to leading to a resistance of the green back as a base currency.

“The events of the 2008 Global Financial Crisis demand a new approach to self reliance and a stable mineral-backed currency and to me, Gold has proven over the years that it is a stable and most desired precious metal,” Gono said.

“Zimbabwe is sitting on trillions worth of gold-reserves and it is time we start thinking outside the box, for our survival and prosperity.”



Advertisement


 
Email this to a friend Printable Version Discuss This Story
Share this article:

Digg it

Del.icio.us

Reddit

Newsvine

Nowpublic

Stumbleupon

Face Book

Myspace

Fark

 
 
 
comments powered by Disqus
 
RSS NewsTicker