The Zimbabwean Reserve Bank announces plans to sell gold coins as a more secure store of value as inflation rockets to nearly 200 per cent.
Zimbabwe's central bank said it would start selling gold coins this month as a store of value to tame runaway inflation, which has considerably weakened the local currency.The coins will retail at a price based on the international price of gold and the cost of production
The central bank governor John Mangudya said in a statement on Monday that the coins will be available for sale from July 25 in local currency, US dollars and other foreign currencies at a price based on the prevailing international price of gold and the cost of production. The "Mosi-oa-tunya" coin, named after Victoria falls, can be converted into cash and be traded locally and internationally, the central bank said.
Soaring inflation in the southern African country has been piling pressure on a population already struggling with shortages and stirring memories of economic chaos years ago under veteran leader Robert Mugabe's near four-decade rule.
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