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Thursday, December 1, 2022


    Zimbabwe launches gold coins to tackle soaring inflation

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    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

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