Zimbabwe to officially use gold coins to trade



Zimbabwe’s central bank says it will start selling gold coins later this month as a way to protect people against spiralling inflation.

Central Bank Governor John Mangudya said the 22-carat coin would be named the Mosi-oa-tunya, the Zimbabwean name for Victoria Falls, and would contain one troy ounce of gold – a little heavier than an imperial ounce and equivalent to 31.1g.

The coin will be easily convertible into cash and could also be used in transactions, the bank says.


But it will be beyond the affordability of most people, who are struggling in difficult economic circumstances. Currently, one troy ounce of gold costs more than $1,600 (£1,300).


The gold price fluctuates but is seen as a secure investment.


High annual inflation – which last month was measured at nearly 192% – has reduced the value of the local currency, so gold could be seen as an alternative store of value. US dollars are also used as legal tender but there is a dollar shortage in the country and it is hoped that the gold coins could reduce that demand.

To Advertise Your Products Or Services, Please Call: +233 0240266354 or Whatsapp: 0595114788


Want to make a contribution? or Got questions about our page please reach us through phone or WhatsApp: +233595114788 or Email us via: myvoltatoday@gmail.com We will gladly respond to you. Our team of support is always ready to respond to whatever query you make. Your feedback is our topmost priority, for without you we cannot fully operate.

Related Articles

Leave a Reply

Your email address will not be published.