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Zimbabwe launches gold coins as legal tender to tackle inflation

Category : International
Published on: July 28 2022 Share on facebook

  • 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.
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