IMF Staff Country Reports

This paper focuses on change in representative rate in Zimbabwe. Zimbabwe introduced the Zimbabwe Gold in April 2024, replacing the Zimbabwe dollar. In accordance with IMF Article IV, Section 2(a), regarding the obligations of members to notify the IMF of their exchange arrangements, Zimbabwe informed the IMF on April 29, 2024 of the introduction of a new currency called the Zimbabwe Gold. The procedure to establish the representative rate for the Zimbabwe dollar was established in December 2019. The representative rate is used to value the Fund’s holdings of Zimbabwe’s currency in terms of the SDR. This rate is the midpoint between the buying and selling rates against the U.S. dollar as reported by the Reserve Bank of Zimbabwe. With the introduction of the Zimbabwe Gold, a new representative rate is proposed, following consultation with the Zimbabwean authorities. The IMF finds, after consultation with the authorities of Zimbabwe, that the representative exchange rate for the Zimbabwe Gold is the midpoint (average) between the buying and selling rates against the U.S. dollar as reported by the Reserve Bank of Zimbabwe.