Soaring inflation piling pressure on country already struggling with shortages and stirring memories of Mugabe chaos
Zimbabwe will start issuing gold coins as legal tender in late July, its central bank has said, as the country battles to control runaway inflation that has considerably weakened the local currency.
“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., after Victoria Falls, can be converted into cash and be traded locally and internationally.
Zimbabweans have an uneasy relationship with the central bank and its policies, as monetary authorities continue to fail the credibility test. Gold coins are used by investors internationally to hedge against inflation, according to economist Prosper Chitambara.
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