Thursday, July 27, 2017
Gold Reserves To Back Currency Confirmed for Zimbabwe
From George Maponga in CHIREDZI
Government is building diamond and gold reserves to back the local currency upon its re-introduction in future, Vice-President Emmerson Mnangagwa has said. VP Mnangagwa refused to disclose when the local currency would be re-introduced, but said it would only come back when mineral reserves reached desired levels.
He was speaking during an advocacy meeting on the new Constitution that was organised by the Ministry of Justice, Legal and Parliamentary Affairs in Chiredzi.
“We are building reserves of gold and diamonds which if they reach a certain level I will not tell you here, it will then allow us to introduce our own currency that will be backed by those minerals. I am not at liberty to disclose to you the level that we want those minerals to reach before they can back our own currency,’’ said VP Mnangagwa.
Continue Reading at …. http://www.herald.co.zw/gold-reserves-to-back-currency/