Apex bank of Zimbabwe has yesterday revealed the the financial sector shall start issuing gold coins as legal tender this July amidst chronic inflation crisis that is currently ravaging the country’s economy and as well weakneing the local currency.
While giving more details about the upcoming gold coin, the coin shall be named ‘Mosi-oa-Tunya’, after Victoria Falls and the gold coin can also be converted into real cash.
The decision to lunch the gold coin by the Zimbabwean government was as a result of persistent inflation In the country which has already doubled the last month inflation which is currently sitting at 191% bringing back the memories of similar situation of hyper inflation that had happened in 2000 which lead to Zimbabwean dollar redomination three times. This situation lead to the country’s currency to be abandoned later on in 2009.
The apex bank governor Mr John Mangudya in a statement as released on Monday said: “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”.