津巴布韋的黃金支持資產作為保值手段而受到歡迎

津巴布韋於 2022 年推出的金幣已成為保存財富的寶貴工具。以國際黃金價格加上生產成本計算，不到兩年的時間，它們就上漲了 24.2%。這些硬幣有多種尺寸，一盎司硬幣目前價值 2,265.32 美元。央行也推出了黃金支持的數位代幣，需求強勁。儘管金幣取得了成功，但分析師認為，還需要採取更多措施來提高金幣的可兌換性和作為交換媒介的採用。

Zimbabwe's Gold-Backed Instruments Gain Traction as Store of Value

津巴布韋的黃金支援工具作為價值儲存手段受到關注

Introduction

介紹

In July 2022, the Reserve Bank of Zimbabwe (RBZ) introduced gold coins as a strategic measure to address the disproportionate demand for the US dollar in the economy and provide a convenient means of value preservation.

2022年7月，津巴布韋儲備銀行（RBZ）推出金幣作為一項策略措施，以解決經濟中對美元不成比例的需求，並提供便捷的保值手段。

Gold Coins: A Success Story

金幣：一個成功的故事

At the time of their launch, the first batch of 2,000 gold coins was sold at US$1,823. Today, they command a premium of 24.2%, trading at US$2,265. The price is determined by the international market rate for gold, with an additional 5% production cost markup.

發售時，第一批 2,000 個金幣售價為 1,823 美元。如今，它們的溢價為 24.2%，交易價格為 2,265 美元。價格根據國際黃金市場匯率決定，另加5%的生產成本加價。

Gold coins are available in various sizes, ranging from one-tenth of an ounce (US$226.53) to one ounce (US$2,265.32). While specific sales data is not readily available, the pension funds industry alone acquired 2,009 coins by September 30, 2023, primarily in the one-ounce denomination.

金幣有各種尺寸，從十分之一盎司（226.53 美元）到一盎司（2,265.32 美元）不等。雖然具體銷售數據尚不清楚，但截至 2023 年 9 月 30 日，光是退休基金產業就購買了 2,009 枚硬幣，主要是 1 盎司面額的硬幣。

Gold-Backed Digital Tokens: An Emerging Alternative

黃金支持的數位代幣：新興的替代方案

In May 2023, the RBZ expanded its gold-backed instruments by introducing digital tokens. These tokens can be purchased and utilized for savings, person-to-person transactions, and business settlements. They can also serve as a store of value.

2023 年 5 月，RBZ 透過引入數位代幣擴大了其黃金支援工具。這些代幣可以購買和用於儲蓄、個人交易和商業結算。它們也可以作為價值儲存手段。

As of March 20, 2024, the central bank had sold 814,339,222 milligrams (8,114.34 kg) of gold-backed digital tokens, representing a significant uptake of this innovative instrument.

截至 2024 年 3 月 20 日，央行已出售 814,339,222 毫克（8,114.34 公斤）黃金支持的數位代幣，代表著這種創新工具的大量使用。

Performance and Impact

績效和影響

The gold coins and gold-backed digital tokens have performed well as open market instruments, offering investors a hedge against currency depreciation and inflation. However, their impact on reducing demand for the US dollar or mitigating inflation remains a subject of debate.

金幣和黃金支持的數位代幣作為公開市場工具表現良好，為投資者提供了對沖貨幣貶值和通貨膨脹的工具。然而，它們對減少美元需求或減輕通貨膨脹的影響仍然是一個爭論的話題。

Some analysts, such as Dr. Alfred Mthimkhulu of Bard Santner Inc., believe the gold coins have been an ideal investment, providing a substantial 25% return in USD over 18 months.

Bard Santner Inc. 的 Alfred Mthimkhulu 博士等一些分析師認為，金幣是一項理想的投資，在 18 個月內可提供 25% 的美元回報率。

Others, like Mr. Rufaro Hozheri, emphasize the significance of considering the Zimbabwe dollar (ZWL) price of the coins, as over 90% were purchased in local currency. While the ZWL price tracks the USD gold price, Mr. Hozheri notes that the gold coins have outperformed the Zimbabwe Stock Exchange (ZSE) All-Share Index, indicating their effectiveness as a value-preservation tool.

Rufaro Hozheri 等其他人則強調考慮硬幣的辛巴威元 (ZWL) 價格的重要性，因為超過 90% 都是以當地貨幣購買的。雖然 ZWL 價格追蹤美元黃金價格，但 Hozheri 先生指出，金幣的表現優於津巴布韋證券交易所 (ZSE) 全股指數，這表明它們作為保值工具的有效性。

Financial economist Mr. Malone Gwadu acknowledges the coins' and tokens' success as a store of value but stresses the need for improved convertibility back to the currency for trade. He believes that enhancing accessibility will increase their acceptability in the market.

金融經濟學家 Malone Gwadu 先生承認代幣和代幣作為價值儲存手段的成功，但強調需要提高貿易貨幣的可兌換性。他認為，提高可及性將提高市場的接受度。

Conclusion

結論

The introduction of gold coins and gold-backed digital tokens by the RBZ has provided Zimbabweans with convenient and reliable instruments for value preservation. While their performance has been encouraging, further efforts are required to improve their liquidity and integration into the broader financial system. By addressing these challenges, these gold-backed instruments can play a more significant role in reducing demand for foreign currency, stabilizing the exchange rate, and supporting economic stability in Zimbabwe.

RBZ推出的金幣和黃金支持的數位代幣為津巴布韋人提供了方便可靠的保值工具。儘管它們的表現令人鼓舞，但仍需要進一步努力提高其流動性並融入更廣泛的金融體系。透過應對這些挑戰，這些黃金支援工具可以在減少外匯需求、穩定匯率、支持津巴布韋經濟穩定方面發揮更重要的作用。