Zimbabwe debuts gold coin as legal tender to stem inflation, boost currency.

July 26, 2022

Zimbabwe has launched gold coins to be sold to the public in a bid to tame runaway inflation that has further eroded the country’s unstable currency.
The unprecedented move was announced by the country’s central bank, the Reserve Bank of Zimbabwe, to boost confidence in the local currency.
Trust in Zimbabwe’s currency is low after people saw their savings wiped out by hyperinflation in 2008 which reached 5 billion, according to the IMF.
The central bank disbursed 2,000 coins to commercial banks.
The first batch of the coins was minted outside the country but eventually they will be produced locally, according to the governor of the Reserve Bank of Zimbabwe, John Mangudya.
Any individual or company can buy the coins from authorised outlets such as banks, according to an announcement by the country’s central bank.