Zimbabwe: Change in Representative Rate

Zimbabwe

WASHINGTON, 26 September 2024 / PRN Africa / -- Summary

Zimbabwe introduced the Gold in April 2024, replacing the Zimbabwe dollar. In accordance with IMF Article IV, Section 2(a), regarding the obligations of members to notify the Fund of their exchange arrangements, Zimbabwe informed the Fund on April 29, 2024 of the introduction of a new currency called the Gold. The Gold is a structured currency which is anchored by a composite basket of foreign currency and precious metals held as reserves for this purpose by the Reserve Bank of Zimbabwe. Prior to the introduction of the Gold, the Zimbabwe dollar was the currency used for operations and transactions between Zimbabwe and the Fund.

SOURCE International Monetary Fund (IMF)

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