Itai Mushekwe COLOGNE- President Robert Mugabe’s administration, is reportedly sittings on wads of a new Zimbabwe currency to be backed by a gold standard, which can be issued at a moment’s notice as a home grown panacea to manage a dwindling economy, The Telescope News, has been told. The idea for the gold-backed currency was first discussed in private, between
Itai Mushekwe
COLOGNE- President Robert Mugabe’s administration, is reportedly sittings on wads of a new Zimbabwe currency to be backed by a gold standard, which can be issued at a moment’s notice as a home grown panacea to manage a dwindling economy, The Telescope News, has been told.
The idea for the gold-backed currency was first discussed in private, between Mugabe and fallen Libyan leader Muammar Gaddafi, on the side-lines of the inauguration of South African leader Jacob Zuma, in Pretoria in 2009, according to senior government officials.
Gaddafi wanted a common gold currency for the whole African continent, while Mugabe had proposed that it was better for the African Union (AU) member states to introduce the gold standard money individually, before announcing one common currency at a later stage so as to throw international financial players into confusion.
Disclosures of the top secret, come at a time when finance minister, Patrick Chinamasa has been defending the country’s use of a multi-currency regime since 2008, as a tactical strategy to contain “the enemy” because he cannot “devalue his own currency”.
