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May 24, 2019· By law, gold miners in the country must sell their gold to a unit of the central bank, which then pays them back partly in dollars and partly in a local quasi-currency that cannot be traded outside Zimbabwe. Both companies have sued the central bank over the currency they are remunerated in and over late payments.

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The Zimbabwean Dollar (zwd) was established to replace Rhodesian Dollar and to signify the nation's independence from the UK in 1980. It was redenominated 3 times until its eventual collapse in 2009 due to hyperinflation caused by unregulated printing of money, the Land reform program, and government involvement in the Second Congo War under Mugabe.

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The central bank of Zimbabwe has increased the price of gold by a massive 757 per cent in order to cover rising production costs and curb smuggling, Thomson Financial reports.Gideon Gono, the bank's governor, said: "With immediate effect, the support price has been increased from the current 350,000 Zimbabwe dollars per gram ($1,400 on the official market, but $2 on the parallel market) to ...

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The Herald Business Reporter ARTISANAL and small-scale miners (ASMs) may have contributed over half the 24,8 tonnes of gold Zimbabwe produced last year, but their unregulated activities might be causing more harm than good to the environment, according to findings of a study by Parliament.

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Nov 29, 2012· A gold backed currency for Zimbabwe. A paper prepared by Norman Mukwakwami, HME (UZ) November 2012. 1.0 Introduction. There's a growing opinion tide advocating for the return of the gold standard from all over the world.