Zimbabwe launched its gold coins as part of its measures to tackle increasing inflation as the country reels from an economic crisis.
The 22-carat-gold coin is priced at the international market rate for an ounce of gold and 5% for production costs. Its value is close to $1,724.
The Governor of the Reserve Bank of Zimbabwe John Mangudya said nationals can use the currency in shops given that enough change is available.
The currency, whose first batch got minted outside Zimbabwe, is named “Mosi-oa-Tunya”, which means “The Smoke Which Thunders”.
Related – Zimbabwe central bank hikes interest rate to 200%
The current economic scenario in Zimbabwe reminds the world of the poor economic conditions under the rule of late dictator Robert Mugabe who was in power for four decades.
The Zimbabwe dollar got abandoned in 2019 due to hyperinflation. It elected for the use of foreign currencies mainly the US dollar.
Moreover, the country stopped publishing inflation figures. But an estimate was 89.7 sextillion per cent year on year in mid-November 2008.
It is pertinent to mention that the printing of the one hundred billion Zimbabwe dollar banknote was the emblem of the country’s economic collapse.
The local currency was reintroduced a decade later but the situation did not improve.
from Business News updates - Latest news stories on Economy from Pakistan https://ift.tt/ywpIBxc
0 Comments