Ncube acknowledged that the U.S. dollar now has extensive use in his country but doesn’t view it as a bad thing. According to him, this gives Zimbabwe a way to access foreign currency.

Statistics have shown that the US dollar accounts for 77% of all transactions done across the country.

“Zimbabwe is very clear, the currency for transaction is the Zimbabwe dollar and US dollar and we are very comfortable with that,” Ncube told Bloomberg TV. “For now the Zimbabwe dollar exists.”

The Zimbabwean dollar was initially used between 1980 and 2009 before being abandoned due to extreme loss in value. This was followed by a decade of a multi-currency system before the government decided to give the Zimbabwean dollar another go in 2019 and make it the country’s only legal currency for a brief period.

Since being reintroduced, the local currency has failed to gain traction, mostly due to hyperinflation. It has the highest denomination of Z$100, which is equivalent to $0.27 at the moment.  

The post Zimbabwe to Keep the Local Currency Despite the Increased Use of the U.S. Dollar appeared first on theprimarymarket.com.

According to the official announcement, the gold coin, called Mosi-Oa-Tunya, is set to weigh one troy ounce (31.10g) and will come with a serial number. In addition, it will have a liquid asset status, meaning that the owner can convert it into cash or trade it locally and internationally.

The gold coins will officially go on sale on July 25, with accepted currencies including Zimbabwean Dollar, United States Dollar (USD), and other foreign currencies. The price is yet to be determined and will depend on “the prevailing international price of gold and the cost of production.” However, one gold coin shouldn’t cost below $1,800 based on the price of gold alone.

The inflation in Zimbabwe surpassed 190 percent last month. This caused the Zimbabwean Dollar to lose almost 40 percent of its value from the start of 2022. As a response, Zimbabwe made a decision to make USD a legal tender in the next five years.

The post Zimbabwe to Issue Gold Coins Amid Soaring Inflation appeared first on theprimarymarket.com.

Ncube acknowledged that the U.S. dollar now has extensive use in his country but doesn’t view it as a bad thing. According to him, this gives Zimbabwe a way to access foreign currency.

Statistics have shown that the US dollar accounts for 77% of all transactions done across the country.

“Zimbabwe is very clear, the currency for transaction is the Zimbabwe dollar and US dollar and we are very comfortable with that,” Ncube told Bloomberg TV. “For now the Zimbabwe dollar exists.”

The Zimbabwean dollar was initially used between 1980 and 2009 before being abandoned due to extreme loss in value. This was followed by a decade of a multi-currency system before the government decided to give the Zimbabwean dollar another go in 2019 and make it the country’s only legal currency for a brief period.

Since being reintroduced, the local currency has failed to gain traction, mostly due to hyperinflation. It has the highest denomination of Z$100, which is equivalent to $0.27 at the moment.  

The post Zimbabwe to Keep the Local Currency Despite the Increased Use of the U.S. Dollar appeared first on theprimarymarket.com.

According to the official announcement, the gold coin, called Mosi-Oa-Tunya, is set to weigh one troy ounce (31.10g) and will come with a serial number. In addition, it will have a liquid asset status, meaning that the owner can convert it into cash or trade it locally and internationally.

The gold coins will officially go on sale on July 25, with accepted currencies including Zimbabwean Dollar, United States Dollar (USD), and other foreign currencies. The price is yet to be determined and will depend on “the prevailing international price of gold and the cost of production.” However, one gold coin shouldn’t cost below $1,800 based on the price of gold alone.

The inflation in Zimbabwe surpassed 190 percent last month. This caused the Zimbabwean Dollar to lose almost 40 percent of its value from the start of 2022. As a response, Zimbabwe made a decision to make USD a legal tender in the next five years.

The post Zimbabwe to Issue Gold Coins Amid Soaring Inflation appeared first on theprimarymarket.com.