Zimbabwe’s central bank said it would start selling gold coins this month as a store of value to tame runaway inflation, which has considerably weakened the local currency
This week, Reserve Bank of Zimbabwe governor John Mangudya said that the coins would be available for sale from July 25 in local currency, US dollars and other foreign currencies.
The gold coin will contain one troy ounce of gold and will be sold by Fidelity Gold Refinery, Aurex and local banks, it added. Gold coins are used by investors internationally to hedge against inflation and wars. Soaring inflation in Zimbabwe has been piling pressure on a population already struggling with shortages and stirring memories of economic chaos years ago under veteran leader Robert Mugabe’s almost four-decade rule.
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