Zimbabwe Turns to Gold Coins As Local Currency Tumbles Zimbabwe
of gold and the cost of production. The gold coin named 'Mosi-oa-Tunya', after Victoria Falls, can be converted into cash and will contain one troy ounce of gold.
Soaring inflation has piled pressure on President Emmerson Mnangagwa in a country that still remembers the economic chaos under the late president Robert Mugabe's almost four decades of rule. Hyperinflation forced the country to abandon the Zimbabwe dollar in 2009, and it opted instead to use foreign currencies, mainly the U.S. dollar.New Zimbabwe, 5 July 2022
The Reserve Bank of Zimbabwe is set to commence the trading of gold coins this month in a bid to introduce an alternative store of value in the market amid optimism that the…
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