Kaya 959 Reporter
Zimbabwe’s central bank has announced that it will begin selling gold coins this month in an effort to control the country’s out-of-control inflation, which has significantly devalued the local currency.
The decision was made after the inflation rate for June increased to 191.6% from 132.5% in May.
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The coins will go on sale starting July 25 in local currency, US dollars, and other foreign currencies at a price depending on the current international gold price and the cost of production, according to a statement from central bank governor John Mangudya.
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
The “Mosi-oa-tunya” coin, which is named after Victoria Falls, can be exchanged for cash and used for both domestic and international trade, according to the central bank.
One troy ounce of gold will be contained in each coin, which will be offered for sale through local banks, Aurex, and Fidelity Gold Refinery.
According to Bloomberg, The 22-carat coin will be identified by a serial number and can be easily converted to cash, tradeable locally and internationally and used to transact.
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