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Gold Coins Will Tame Inflation Weakening ZimDollar(ZWL)-Mangudya

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Apex Bank boss, Reserve Bank of Zimbabwe (RBZ) Governor Dr John  Panonetsa Mangudya, has said Zimbabwe will start selling gold coins this month as a way to tame inflation that has weakened the local Zimbabwean dollar currency (ZWL).

Governor Mangudya noted that the Mosi-oa Tunya coins would be available for sale from july 25 in local currency and United States dollar at a price based on the prevailing price of gold.

Governor Mangudya exclusively revealed to TechnoMag that the introduction of the gold coins would reduce pressure on the U.S. dollar in the open market, which the government has said is responsible for the depreciation of the currency.

Mangudya said, ”As you are aware, the US dollar has largely been used for two things;for the importation of goods and store of value.

”The gold coins will provide an alternative investment option to the US dollar as a store of value.”

Mangudya added that investors ”that purchase gold coins will be able to preserve value and make good profits when gold prices rise,” further stressing that the coins will contain one ”troy ounce of gold and would be sold through normal banking channels.”

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