Zimbabweans already using gold coins

The central Bank of Zimbabwe on Monday introduced gold coins in an effort to reduce the demand for foreign curency.

The country has been experiencing high inflation from the time of late President Mugabe regime and the situation worsened recently causing high demand for foreign currencies with higher values such as the US Dollar and the Euro.

Head of the Reserve Bank of Zimbabwe, John Mangudya said on during the launch that the coins are supposed to reduce demand for foreign currency in the country.

“We are now providing that store of value to ensure that people do not run to the parallel market in search for foreign currency to store value,” Mangudya said.

Zimbabwe Coin - Photo file
Zimbabwe Coin – Photo file

The gold coins will cost around $1,800 each.

The move to introduce cold coins is however in doubt if it will reduce Inflation as majority of Zimbawean will be able to own the expensive gold coin.

In June this year health workers in the country went on strike demanding to be paid in US ($) Dollars.

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