Zimbabwe Plans to Sell 22-Carat Gold Coins to Assist Struggling Economy, After Losing Dollar Value

• Zimbabwe will start selling gold coins from 25 July, in local currency, US dollars and other foreign currencies
• The 22 carat Mosi-oa-tunya coin, which is named after the Victoria Falls, can be converted into cash
• They can be traded locally and internationally and can also be used as security for loans and credit facilities

HARARE - Zimbabwe will start selling gold coins to ease the country’s crumbling economy and inflation.

The central bank said the coins would be available on sale from Monday, 25 July, in local currency, US dollars and other foreign currencies.

Governor John Mangudya said the Mosi-oa-tunya coin, which is named after the Victoria Falls, can be converted into cash. TimesLIVE reported that the gold coins would contain one troy ounce of gold.

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They will be sold by Fidelity Gold Refinery, Aurex and local banks. The coins will be 22-carat and can be identified by a serial number, and can be easily converted. They can be traded locally and internationally and used to transact. The coins can also be used as security for loans and credit facilities.

According to Bloomberg, the Zimbabwe currency has seen the annual inflation rate jump to 192% last month. As a result, the Zimbabwean dollar lost more than two-thirds of its value against the US dollar this year.

Social media users react to the sale of gold coins in Zimbabwe:

@Anirudh1969 said:

“Zimbabwe’s central bank will start selling gold coins this month as a store of value to tame runaway inflation.”

@comexdefault commented:

“This is a big deal. Anyone that has done the basic research will understand that when the fiat s*** hits the fan the system will look to gold.”

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@oc_antoine wrote:

"Gold is the final standard. When paper currencies collapse, the world would always go back to gold."

Sivukile Nxuba Tshikitsha added:

“At least they are doing something to overcome their problems unlike our (South African) leaders.”

Zimbabwean government plans to deploy security forces to force farmers to sell maize stock to GMB

In a related matter, Briefly News also reported the Zimbabwean government is not happy with the low stock of maize being supplied to the country’s only grain buyer, the Grain Marketing Board (GMB). As result, the government plans to deploy security forces to confiscate maize stocks from farmers.

The country’s Lands and Agriculture Permanent Secretary John Basera sent a letter to the marketing board demanding that they work with security forces and conduct “gran busting operations.”

Source: Briefly News