HomeTop Global NewsZimbabwe to Issue Gold Coins Amid Soaring Inflation

Zimbabwe to Issue Gold Coins Amid Soaring Inflation

Zimbabwe is getting creative in its attempts to deal with the soaring inflation. The South African country will start issuing gold coins as a “store of value,” hoping that the move could ease some of its economic challenges. The action could also return some confidence in the devalued national currency.

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.

Delta Struggling With Flight Cancellations Following Tech Outage

Delta Air Lines has continued to struggle with flight cancellations following last week's global cyber outage. This came after a software update by global...

Dolce & Gabbana Seeking New Capital Investment

Dolce & Gabbana CEO Alfonso Dolce confirmed that the fashion house is open to seeking new investors as a means of raising capital. This...

Former Nintendo President Claims Video Game Industry Set to Grow

Former Nintendo of America president and COO Reggie Fils-Aimé insisted that the video games industry is set to grow after suffering years of decline....