ZIMBABWE'S DIGITAL CURRENCY

- Gold-Backed Digital Currency (GBDC)

- History of Zimbabwe Dollars (ZWD)

- Tobacco export

Zimbabwe to roll out Gold-backed digital currency. This will allow people that hold even small amounts of Zimbabwe dollars can swap their money for digital tokens.

The Governor of Zimbabwe's Central Bank stressed that the current volatility of the exchange rate is due to high anticipation of the foreign currency supply when tobacco marketing season opened.

History of Zimbabwe Dollars (ZWD)

Political turmoil and hyperinflation eroded ZWD value over the years.

Tobacco export

Tobacco Industry Marketing Board (TIMB) Chairman Patrick Devenish stated that they were anticipating a good crop at the opening of the Tobacco Marketing season (8th March 2023). Tobacco is one of the largest export revenue of Zimbabwe. The country aims to increase tobacco production by 300 Million Kg by 2025. The yield peaked at 261 Million Kg in 2019.

Reference:

Zimbabwe to Create New Digital Currency Backed by Gold. (n.d.). Watcher Guru. https://watcher.guru/news/zimbabwe-to-create-new-digital-currency-backed-by-gold

ZWD | Zimbabwe Dollar | OANDA. (n.d.). Online Forex, Shares & Crypto CFD Trading Broker | OANDA. https://www1.oanda.com/currency/iso-currency-codes/ZWD

Zimbabwe tobacco output expected to rise 8.5% in 2023. (2023, March 8). Reuters. https://www.reuters.com/world/africa/zimbabwe-tobacco-output-expected-rise-85-2023-2023-03-08/

Zimbabwe to introduce gold-backed digital currency: Report. (n.d.). Al Arabiya English. https://english.alarabiya.net/News/world/2023/04/23/Zimbabwe-to-introduce-gold-backed-digital-currency-Report#:~:text=Zimbabwe%20will%20soon%20introduce%20a,central%20bank%20governor%20John%20Mangudya.