{"id":6882,"date":"2022-07-27T00:50:20","date_gmt":"2022-07-27T00:50:20","guid":{"rendered":"https:\/\/expressnewsghana.com\/?p=6882"},"modified":"2022-07-27T00:50:52","modified_gmt":"2022-07-27T00:50:52","slug":"zimbabwe-fights-inflation-with-a-new-gold-coin","status":"publish","type":"post","link":"https:\/\/expressnewsghana.com\/?p=6882","title":{"rendered":"Zimbabwe \u00a0fights Inflation with a new Gold Coin"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Zimbabwe\u2019s central bank has launched gold coins in an effort to help curb soaring inflation amid a slump in the country\u2019s currency.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The central bank\u2019s main interest rate was more than doubled this month to 200% after the annual rate of inflation rose above 190%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Each coin will be priced at the international market rate for an ounce of gold plus 5% for production costs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As of Friday, an ounce was worth about $1,724 (\u00a31,435).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It will be possible use the coins in shops, if they have enough change, according to the governor of the Reserve Bank of Zimbabwe, John Mangudya.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"850\" height=\"638\" src=\"https:\/\/expressnewsghana.com\/wp-content\/uploads\/2022\/07\/kelimpungan-dihajar-inflasi-191-zimbabwe-luncurkan-uang-koin-emas-yps.jpg\" alt=\"\" class=\"wp-image-6883\" srcset=\"https:\/\/expressnewsghana.com\/wp-content\/uploads\/2022\/07\/kelimpungan-dihajar-inflasi-191-zimbabwe-luncurkan-uang-koin-emas-yps.jpg 850w, https:\/\/expressnewsghana.com\/wp-content\/uploads\/2022\/07\/kelimpungan-dihajar-inflasi-191-zimbabwe-luncurkan-uang-koin-emas-yps-600x450.jpg 600w, https:\/\/expressnewsghana.com\/wp-content\/uploads\/2022\/07\/kelimpungan-dihajar-inflasi-191-zimbabwe-luncurkan-uang-koin-emas-yps-300x225.jpg 300w, https:\/\/expressnewsghana.com\/wp-content\/uploads\/2022\/07\/kelimpungan-dihajar-inflasi-191-zimbabwe-luncurkan-uang-koin-emas-yps-768x576.jpg 768w, https:\/\/expressnewsghana.com\/wp-content\/uploads\/2022\/07\/kelimpungan-dihajar-inflasi-191-zimbabwe-luncurkan-uang-koin-emas-yps-320x240.jpg 320w, https:\/\/expressnewsghana.com\/wp-content\/uploads\/2022\/07\/kelimpungan-dihajar-inflasi-191-zimbabwe-luncurkan-uang-koin-emas-yps-480x360.jpg 480w, https:\/\/expressnewsghana.com\/wp-content\/uploads\/2022\/07\/kelimpungan-dihajar-inflasi-191-zimbabwe-luncurkan-uang-koin-emas-yps-800x600.jpg 800w\" sizes=\"(max-width: 850px) 100vw, 850px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The coin is called \u201cMosi-oa-Tunya\u201d which means \u201cThe Smoke Which Thunders\u201d and refers to Victoria Falls, on the border between Zimbabwe and Zambia.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Zimbabwe\u2019s dollar slumped in value against major currencies this year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The country still remembers the economic chaos under the late Robert Mugabe, who ruled for almost four decades.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Hyperinflation forced it to abandon the Zimbabwe dollar in 2009, and it opted instead to use foreign currencies, mainly the US dollar.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">During the worst of the crisis the government stopped publishing official inflation figures but one estimate put the inflation rate at 89.7 sextillion percent year on year in mid-November 2008.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">At the time, the one hundred billion Zimbabwe dollar bank note was seen as an emblem of the nation\u2019s economic collapse.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The local currency was reintroduced a decade later but it has rapidly lost value again.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Source: BBC<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Zimbabwe\u2019s central bank has launched gold coins in an effort to help curb soaring inflation amid a slump in the country\u2019s currency. The central bank\u2019s [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6883,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,19],"tags":[1560,1559],"class_list":["post-6882","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-africa-news","category-economy","tag-coin","tag-zimbabwe"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Zimbabwe \u00a0fights Inflation with a new Gold Coin - Express News Ghana<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/expressnewsghana.com\/?p=6882\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Zimbabwe \u00a0fights Inflation with a new Gold Coin - Express News Ghana\" \/>\n<meta property=\"og:description\" content=\"Zimbabwe\u2019s central bank has launched gold coins in an effort to help curb soaring inflation amid a slump in the country\u2019s currency. 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