Zimbabwe Introduces Gold Coin To Replace Tumbling Local Currency

central bank of zimbabwe

The Central Bank of Zimbabwe has hinted at the introduction of gold coins to address runaway inflation which most believe has significantly contributed to the weakening of their local currency.

The gold coins are scheduled to go on sale this month, according to the statement released by the Governor of the Central Bank of Zimbabwe, John Mangudya, on Monday, July 04, 2022. According to him, the coins will become available for public sale on July 25, 2022, in US Dollars, their local currency, and other applicable foreign currencies. He also noted that the price of these coins would depend on their cost of production and the prevailing international price of gold.

The Gold coin is named the “Mosi-oa-tunya” coin and was named after Victoria Falls. As expected, the “Mosi-oa-tunya” coin can be traded internationally and locally.

Don’t forget that Zimbabwe increased its policy rate last week from 80% to 200% while outlining plans to make the US dollar a legal tender in the country for the next 5 years.

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