Zimbabwe announces return to gold standard

[pmbug]

Zimbabwe has announced they will be replacing their existing fiat currency (ZW) with a gold standard currency (ZiG) backed by a basket of gold and USD:

https://www.pmbug.com/threads/zimbabwe-made-gold-legal-tender-and-reintroduces-gold-standard.4966/post-98582

[HonestMoneyGoldSilver]

I wonder how long it will take the IMF and World Bank to criticise this move

[stackerp5]

I wonder who  will follow suit?

[dicker]

Would you trust a government to match paper notes with gold…no me neither.  

[motorbikez]

6 hours ago, pmbug said:

Zimbabwe has announced they will be replacing their existing fiat currency (ZW) with a gold standard currency (ZiG) backed by a basket of gold and USD:

https://www.pmbug.com/threads/zimbabwe-made-gold-legal-tender-and-reintroduces-gold-standard.4966/post-98582

It's a real shame that scumbag mugabe destroyed Zimbabwe. 

[sovereignsteve]

7 hours ago, pmbug said:

gold standard currency (ZiG) backed by a basket of gold and USD:

Oxymoron?

[pmbug]

38 minutes ago, sovereignsteve said:

Oxymoron?

I suppose we will find out.  They claim the currency will be redeemable and money supply will be constrained to growth of gold reserves.  Whether they can deliver on the promise remains to be seen.

[OakHeart]

To be optimistic, in a place where economic optimism is in such short supply for sure, the ZiG might be a good thing. Let's hope so.

They have bulky platinum, gold and diamond reserves. In fact, wave a stick at any notable mineral and Zimbabwe will probably have it.

 If they can get out of a quasi-barter culture and back on to a stable price footing then maybe, finally, things might be on the up.

It's a nascent but necessary step.

Edited April 5 by OakHeart

[dicker]

10 hours ago, motorbikez said:

It's a real shame that scumbag mugabe destroyed Zimbabwe. 

A thug, and thief.  I remember reading that his personal wealth was estimated to be well north of £1BN in the 2000’s at the same time as citizens of Zimbabwe starved.  

[Jvsvanman]

They done something similar in 2016 … it was meant to be US dollar backed but the government started over printing and the whole “stack of cards” came crashing down.

i have a mate going out there in two weeks, will ask him to bring back some of these new notes and coins. 

[pmbug]

6 hours ago, Jvsvanman said:

... i have a mate going out there in two weeks, will ask him to bring back some of these new notes and coins. 

If I had the chance, I would be interested to buy one of the Mosi-a-Tunya gold coins.  Not sure what issues one might have taking it out of the country though.

[Jvsvanman]

1 hour ago, pmbug said:

If I had the chance, I would be interested to buy one of the Mosi-a-Tunya gold coins.  Not sure what issues one might have taking it out of the country though.

Yeah not sure how easy it would be to take it out , I had no issues taking the old notes though 

[stackerp5]

Blank

Edited April 7 by stackerp5

[pmbug]

Apparently the new ZiG started trading.  Bank accounts were converted.  Citizens have a month or so to convert/redeem old paper ZW for ZiGs.  The project begins.

[DisplayName]

Zimbabwe space program when