Zimbabwe's central bank says it will start selling gold coins this month as a store of value to tame runaway inflation, which has considerably weakened the local currency.
Central bank governor John Mangudya said in a statement on Monday that the coins will be available for sale from July 25 in local currency, US dollars and other foreign currencies at a price based on the prevailing international price of gold and the cost of production.
The gold coin will contain one troy ounce of gold and will be sold by Fidelity Gold Refinery, Aurex and local banks, it added.Last week, Zimbabwe more than doubled its policy rate to 200% from 80% and outlined plans to make the US dollar legal tender for the next five years to boost confidence.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Currency woes batter Zimbabwe againAs inflation reaches 132% and the Zimbabwe dollar continues to plunge, consumers are taking the hit.
Read more »
Currency woes batter Zimbabwe againAs inflation reaches 132% and the Zimbabwe dollar continues to plunge, consumers are taking the hit.
Read more »
Zimbabwe: Book On Zimbabwe Strongman Robert Mugabe's Legacy Has Many FlawsAnalysis - Development studies professor David Moore's new book, Mugabe's Legacy: Coups, Conspiracies and the Conceits of Power in Zimbabwe, attempts to understand the legacy of Robert Mugabe, who led Zimbabwe from 1980 to 2017, when he lost power in a military coup.
Read more »
Zimbabwe: The Deadly Quest By Zimbabwe's Poorest for a Few Grams of Golden HopeThe clinking sound of metal tools hacking against rocks along the dry riverbed shatters the serenity of the pristine Bhuka mountains of Masvingo, Zimbabwe. A small group of women and children dressed in shabby brown clothes busily dig in the rich soil, using the most rudimentary utensils to look for gold-bearing stones and nuggets.
Read more »
Thousand-dollar shopping in ZimbabweIf you have connections high up in government you can buy one US dollar for Z$365 at the official bank rate, you can then go out on the street and sell that one US dollar for around Z$700. - CathyBuckle Moneyweb Zimbabwe EconomicCrisis
Read more »
Zimbabwe: Uber-Wealthy Oppenheimers Win Case to Block Mineral Exploration at Zimbabwe Cattle RanchA Zimbabwean court has barred a miner from exploring for gold on a huge Matabeleland South ranch owned by the Oppenheimer family, the super-rich former proprietors of De Beers Diamond Corporation and Anglo American.
Read more »