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The Central Bank of Zimbabwe stated on Monday that it would soon begin issuing gold currency in an effort to reduce inflation, which hit 191 percent in June. The Harare government thinks that this will decrease demand for US dollars and at the very least slow down the further depreciation of the local currency.
The coins should be accessible through neighborhood banks and currency exchanges by the end of July, according to Governor of the Central Bank, John Mangudya. They will have one troy ounce of gold in them and be legal tender that can be exchanged for money both domestically and abroad. They are called Mosi-oa-Tunya after the Victoria Falls.
“The gold coins will be available for sale to the public in both local currency and US dollars and other foreign currencies at a price based on the prevailing international price of gold and the cost production,” Mangudya said in a statement.
Pursuant to the resolution of the Monetary Policy Committee of 24 June 2022 to introduce gold coins into the market as a store of value, the Reserve Bank of Zimbabwe @ReserveBankZIM wishes to advise the public on the salient features and characteristics of the gold coin. pic.twitter.com/BwR0DDHO2V
— Ministry of Information, Publicity & Broadcasting (@InfoMinZW) July 4, 2022
