津巴布韦的黄金支持资产作为保值手段而受到欢迎

津巴布韦于 2022 年推出的金币已成为保存财富的宝贵工具。按国际黄金价格加上生产成本计算，不到两年的时间，它们就上涨了 24.2%。这些硬币有多种尺寸，一盎司硬币目前价值 2,265.32 美元。央行还推出了黄金支持的数字代币，需求强劲。尽管金币取得了成功，但分析师认为，还需要采取更多措施来提高金币的可兑换性和作为交换媒介的采用。

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

津巴布韦的黄金支持工具作为价值储存手段受到关注

Introduction

介绍

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，津巴布韦储备银行（RBZ）推出金币作为一项战略措施，以解决经济中对美元不成比例的需求，并提供便捷的保值手段。

Gold Coins: A Success Story

金币：一个成功的故事

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.

发售时，第一批 2,000 个金币售价为 1,823 美元。如今，它们的溢价为 24.2%，交易价格为 2,265 美元。价格根据国际黄金市场汇率确定，另加5%的生产成本加价。

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.

金币有各种尺寸，从十分之一盎司（226.53 美元）到一盎司（2,265.32 美元）不等。虽然具体销售数据尚不清楚，但截至 2023 年 9 月 30 日，仅养老基金行业就购买了 2,009 枚硬币，主要是 1 盎司面额的硬币。

Gold-Backed Digital Tokens: An Emerging Alternative

黄金支持的数字代币：新兴的替代方案

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 通过引入数字代币扩大了其黄金支持工具。这些代币可以购买和用于储蓄、个人交易和商业结算。它们还可以作为价值储存手段。

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）黄金支持的数字代币，代表着这种创新工具的大量使用。

Performance and Impact

绩效和影响

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.

金币和黄金支持的数字代币作为公开市场工具表现良好，为投资者提供了对冲货币贬值和通货膨胀的工具。然而，它们对减少美元需求或减轻通货膨胀的影响仍然是一个争论的话题。

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 博士等一些分析师认为，金币是一项理想的投资，在 18 个月内可提供 25% 的美元回报率。

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 等其他人则强调考虑硬币的津巴布韦元 (ZWL) 价格的重要性，因为超过 90% 都是以当地货币购买的。虽然 ZWL 价格追踪美元黄金价格，但 Hozheri 先生指出，金币的表现优于津巴布韦证券交易所 (ZSE) 全股指数，这表明它们作为保值工具的有效性。

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.

金融经济学家 Malone Gwadu 先生承认代币和代币作为价值储存手段的成功，但强调需要提高贸易货币的可兑换性。他认为，提高可及性将提高市场的接受度。

Conclusion

结论

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推出的金币和黄金支持的数字代币为津巴布韦人提供了方便可靠的保值工具。尽管它们的表现令人鼓舞，但仍需要进一步努力提高其流动性并融入更广泛的金融体系。通过应对这些挑战，这些黄金支持工具可以在减少外汇需求、稳定汇率、支持津巴布韦经济稳定方面发挥更重要的作用。