22.8 C
New York
August 19, 2022
Africa Business Commodities Gold news World news Zimbabwe

Zimbabwe to introduce gold coins as local currency tumbles

Soaring inflation piling pressure on country already struggling with shortages and stirring memories of Mugabe chaos

Zimbabwe will start issuing gold coins as legal tender in late July, its central bank has said, as the country battles to control runaway inflation that has considerably weakened the local currency.

The inflation rate more than doubled last month to 191%, stoking memories of the hyperinflation of the 2000s that saw the Zimbabwean dollar redenominated three times before being effectively abandoned in 2009.

Continue reading…

Related posts

Wild cheetahs to return to India for first time since 1952


Many feared dead after gunmen attack passenger train in Nigeria


Widow of man killed in Libya accuses South Africa of ‘silence’ in hunt for his body