Zimbabwe Sells Gold Coins to Ease US Dollar in High Demand
- The 22-carat gold coin will be trade-able outside the country
- Gold coins can be used as security for loans and credit lines
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Zimbabwe’s central bank plans to sell gold coins to the public from July 25 as a store of value to stabilize the nation’s tumbling currency and offer an alternative to the US dollar.
The one-troy-ounce gold coins will be called Mosi oa-Tunya Gold Coin, Governor John Mangudya said. The term means “Smoke that Thunders,” a reference to Victoria Falls, the world’s greatest sheet of falling water, which traverses Zimbabwe and Zambia.