South African-based founder of the African Medallion Group (AMG), Frank Buyanga, has written a letter to the Reserve Bank of Zimbabwe (RBZ) requesting to create a formal gold-based currency that will be used as legal tender in Zimbabwe.
Buyanga assured the RBZ that after extensive research with his executives, he is convinced that it is the time for the introduction of a gold-backed currency. He wrote:
I am writing to you to requesting that you allow us to create a formal gold-based currency that will be used as legal tender in Zimbabwe. This will be greatly relieved to the economy and the people of Zimbabwe.
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My executives are immediately available to start discussions on the creation of a new currency. We have done extensive research and are convinced it is time for us to introduce our gold-backed currency in Zimbabwe.
AMG is headquartered in Dubai and is in a coin dealer agreement with the South African Mint Company, a subsidiary of the South African Reserve Bank.
The RBZ has been tinkering with Zimbabwe’s currency and new notes and coins are expected to be issued on 11 November to replace a fiat currency that has been in circulation since 2016.