Languages —

Thursday, August 11, 2022

More

    Zimbabwe launches gold coins to tackle soaring inflation

    Share This Post

    Zimbabwe’s central bank has launched gold coins in an effort to help curb soaring inflation amid a slump in the country’s currency.

    The central bank’s main interest rate was more than doubled this month to 200% after the annual rate of inflation rose above 190%.

    Each coin will be priced at the international market rate for an ounce of gold plus 5% for production costs.

    As of Friday, an ounce was worth about $1,724 (£1,435).

    It will be possible use the coins in shops, if they have enough change, according to the governor of the Reserve Bank of Zimbabwe, John Mangudya.

    The coin is called “Mosi-oa-Tunya” which means “The Smoke Which Thunders” and refers to Victoria Falls, on the border between Zimbabwe and Zambia.

    Source: BBC

    Read Previous Articles

    Saudi Crown Prince wants to build a 75-mile long skyscraper

    Share This Post