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Reserve Bank of Zimbabwe to Launch Gold-Pegged Digital Currency

Published on April 26, 2023
Current Context: The Reserve Bank of Zimbabwe (RBZ) is considering this initiative to stabilize the local currency, which has been suffering from high inflation and devaluation. 
Reserve Bank of Zimbabwe to Launch Gold-Pegged Digital Currency
  • The digital gold tokens would allow Zimbabweans to exchange their Zimbabwean dollars with a more stable asset and protect their savings from currency volatility. 
  • The RBZ Governor, Dr. John Mangudya, said that they want to "ensure that those with low amounts of local currency are able to purchase the gold units so that we leave no one and no place behind.

Question: 

Q.1 What is the main reason for the Reserve Bank of Zimbabwe to launch a gold-pegged digital currency?
a. To increase the supply of foreign currency in the market
b. To stabilize the local currency and protect savings from volatility
c. To attract more investors and tourists to the country
d. To compete with other central bank digital currencies
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