People holding the coins can only trade them for cash after 180 days from the date of buying, the bank said. The coin may also be used for transactional purposes," the central bank added. Foreigners can only buy the coins in foreign currency, the announcement followed.Ĭalled Mosi-oa-Tunya, which in the local Tonga language refers to Victoria Falls, the coins " will have liquid asset status, that is, it will be capable of being easily converted to cash, and will be tradable locally and internationally. there will also be moderation in terms of the depreciation of the local currency, which should have some kind of stabilizing effect in terms of pricing of goods," he added.Īny individual or company can buy the gold coins from authorized agents such as banks using the local currency or foreign currencies and purchasers can choose to keep the coins at a bank or take them home, according to an announcement by the country’s central bank.
dollar because this high demand is not being matched by supply, said Zimbabwean economist Prosper Chitambara. " The government is trying to moderate the very high demand for the U.S. The coins can be used for purchases in shops, depending on whether the shop has enough change, he said. The first batch of the coins was minted outside the country but eventually they will be produced locally, according to the governor of the Reserve Bank of Zimbabwe, John Mangudya. The central bank disbursed 2,000 coins to commercial banks on Monday. dollars to keep at home as savings or for daily transactions. With strong memories of that disastrous period and many retailers refusing Zimbabwe's currency, Zimbabweans today prefer to scramble on the illegal market for scarce U.S.
Trust in Zimbabwe's currency is low after people saw their savings wiped out by hyperinflation in 2008 which reached 5 billion%, according to the IMF. The unprecedented move was announced Monday by the country's central bank, the Reserve Bank of Zimbabwe, to boost confidence in the local currency.
Zimbabwe has launched gold coins to be sold to the public in a bid to tame runaway inflation that has further eroded the country’s unstable currency.
0 kommentar(er)
