Interbank Foreign Currency Exchange Rate, Gold Coin and Gold-backed Digital Token Prices- 11 October 2024

The Reserve Bank of Zimbabwe (RBZ) has released the latest prices for gold coins and digital tokens as well as official exchange rate figures, as at 11 October 2024.

The gold coins and digital tokens were introduced as a store of value in an attempt to curb the local currency’s continued fall.

For long, the local currency has been performing badly against major convertible currencies especially the American dollar.

Meanwhile, the Reserve Bank of Zimbabwe (RBZ) has assured Zimbabweans of currency stability, citing an increase in gold reserves backing the Zimbabwe Gold (ZiG) to over US$450 million.

Governor Mushayavanhu clarified that recent exchange rate movements are market-driven, not a devaluation, & emphasized the bank’s commitment to economic stability.

Speaking in a televised interview with the national broadcaster Zimbabwe Broadcasting Corporation, Mushayavanhu said there no reason why the ZiG will continue to depreciate.

He based his sentiments on money supply which said is under control, while emphasising that gold reserves will continue to grow.

Zwnews