Central Bank Governor John Mangudya announced that 22 carat gold coins will be launched on the market from 25 July in order to contain the unregistered inflation that has significantly weakened the country’s local currency.
“ROUNDING SMOKE”
Mangudya stated that the name of this new coin will be “Mosi oa-Tunya”, which means “rumbling smoke” in the local language and refers to the Victoria Falls, one of the country’s most important natural attractions.
Stating that the new coins will be offered for sale to the public at a price determined by the international gold price and the production cost, Mangudya noted that these coins can be easily converted into cash and used for transactions in local and international trade and can be given as collateral for credit institutions.
Mangudya stated that they took this decision in order to stabilize the local currency, which has depreciated excessively in recent years, and to offer an alternative value tool to foreign currencies, especially the dollar. (AA)