A spokesperson for the IMF warned of several risks that such a digital currency would bring to the Zimbabwean economy. usdollar digitalgold
circulating the gold-backed digital currency, a spokesperson for the IMF warned of several risks that such a digital currency would bring.
“A careful assessment should be conducted to ensure the benefits from this measure outweigh the costs and potential risks including, for instance, macroeconomic and financial stability risks, legal and operational risks, governance risks, cost of forgone FX reserve,” the unnamed spokesperson said. Besides liberalizing the foreign exchange market, the IMF spokesperson reportedly told Zimbabwean monetary authorities to stick to other conventional solutions that include maintaining a tight monetary policy.
The warning by the IMF marks the second time the Bretton Woods institution has chastised an African country for adopting a non-conventional currency management approach. In 2022, the IMF
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