Introduction of Zimbabwe’s ‘Structured Currency’ Backed by Gold and Forex by Central Bank

The Reserve Bank of Zimbabwe has unveiled a new “structured currency” backed by foreign exchange and gold, aiming to replace the struggling local currency. These banknotes are designed to be easily convertible into the reserve currency upon request. Additionally, the central bank has significantly reduced the annual interest rate from 130% to 20%.

The introduction of this structured currency is supported by strong fundamentals, signaling a strategic move by the central bank to stabilize the country’s monetary system.