Zimbabwe’s gold-backed currency loses half its value: Why and what’s next?
Zimbabwe’s gold-backed currency loses half its value: Why and what…
Oct 24, 2024
ALJAZEERAAl Jazeera Staff
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If the Zimbabwean currency is said to be backed by gold, as the Zimbabwean government claims, but its value is not tied to the price of gold, as the Finance Minister states, then the currency is not linked to gold. Where does Zimbabwe find these ministers? Why do they disrespect their citizens like this, treating them as though they are ignorant? This highlights the confusion and contradictions surrounding Zimbabwe’s local currency. If a currency is claimed to be backed by gold, it means its val
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