Zimbabwe’s central bank has unveiled the first prices of gold coins which it hopes will help solve its inflation problem.
The coins are now available to the public from today, July 25, the central bank said on Monday.
Each gold coin contains one troy ounce of 22-carat gold. A troy ounce is a unit of measure used for weighing precious metal – such as gold, silver and platinum – that dates back to the Middle Ages. One troy ounce is equal to 31.10g.
“The gold coins will be available for sale to the public in both local currency and US dollars and other foreign currencies at a price based on the prevailing international price of gold and the cost production,” RBZ Governor Mangudya previously said.
He also said each coin can be identified with a serial number and can be easily converted to cash, locally and internationally.
The announcement is part of the Zimbabwe government’s measures to tackle the country’s currency crisis.
Last month, the annual rate of inflation hit 191.6%, while the Zimbabwean dollar has lost more than two-thirds of its value against the US dollar since the start of 2022.
Find the prices of the coins in the various currencies below.
The coins are named “Mosi-oa-Tunya” after Victoria Falls, Africa’s largest waterfall that spans 1.7-kilometer located between Zambia and Zimbabwe.