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.

Euro Zone Retail Sales Slip in October

Euro Zone retail sales were lower than expected in October, data released on Monday by the European Union's statistics office revealed. This indicates a...

European Central Banks Look to Bring Inflation Back to 2% Target

France and Germany's central bank officials have announced their aim to bring inflation back to its 2% target. In a joint interview, Bank of...

Dollar Steadies Near 16-Week Low While Yuan Approaches 15-Year Record Gain

The U.S. dollar stabilized on Friday near a 16-week low when measured against a basket of other currencies including the euro. The currency fell...