Zimbabwe to Mint Gold Coins to Tackle Rising Prices
In an attempt to curb the soaring rate of inflation in the face of a slump in its currency, Zimbabwe is on the verge of introducing gold coins later in July.
The country’s central bank has also outlined plans to make the US dollar the nation’s legal tender for the next five years.
The central bank’s main interest rate was more than doubled this month to 200%, after the annual rate of inflation rose above 190%.
Zimbabwe’s dollar has slumped in value against major currencies this year.
In a statement, governor of the Reserve Bank of Zimbabwe, John P Mangudya explained that the gold coins, which will contain one troy ounce of 22-carat gold, will be available from 25 July.
