Chronicle Editor
Nqobile Bhebhe, Online Reporter
THE Reserve Bank of Zimbabwe (RBZ) has indicated that gold-backed digital tokens to be injected into the market on Monday would be available for a minimum of US$10 and US$5,000 for individuals and corporates and other entities including financial institutions respectively.
The gold-backed digital tokens are meant to expand the value-preserving instruments already available to stabilise the economy. The gold-backed digital tokens follow the successful injection of Mosi-oa-Tunya gold coins in July last year, which started with higher-denominations and later followed up by smaller denominations in November due to high demand in the market.
The gold coins are part of measures to ensure investors, mostly cash-rich institutions, have alternative means to preserve value.
In an update on Friday (today) the central bank said applications by interested parties can be lodged through banks, building societies and the People’s Own Savings Bank (POSB).
“Applications will be through banks, building societies and the POSB. Applications must be for a minimum of US$10 and US$5,000 for individuals and corporates and other entities (including financial institutions), respectively. The Reserve Bank reserves the right to accept or reject any application or part thereof.
“The full payment for allotted digital tokens shall be made on the settlement date through the normal payment systems,” reads part of the statement.
Online Reporter