Zimbabwe launches gold coins as legal tender to tackle inflation

Daily Current Affairs / Zimbabwe launches gold coins as legal tender to tackle inflation

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Category : International Published on: July 28 2022

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Zimbabwe has launched new gold coins to be sold to the public in a bid to tackle chronic hyperinflation.
The gold coins - called Mosi-oa-Tunya - will have "liquid asset status", meaning they can be converted to cash, traded locally and internationally, and used for transactions.
In the local Tonga language it refers to Victoria Falls.
People can only trade the coins for cash after holding them for at least 180 days.
The central bank has distributed 2,000 coins to commercial banks.

Zimbabwe launches gold coins as legal tender to tackle inflation