Zimbabwe to Mint Gold Coins and Sell it Through Banks

SEATTLE (Scrap Monster): The southern African nation of Zimbabwe is all set to mint gold coins and make them available to public for purchases through normal banking institutions. The move is aimed at curbing inflation, which has gone out of control in the recent months, said the Monetary Policy Committee (MPC) of the Reserve Bank of Zimbabwe.

According to John Mangudya, Chief of the Reserve Bank of Zimbabwe, new gold coins will be introduced into the market. The coins will be minted by Fidelity Gold Refineries (Private) Limited- the central bank-owned refining and gold buying entity and sold to the public through normal banking channels.

The MPC had recently expressed great concern over the recent jump in inflation, which is feared to drag the country into an economic crisis. The inflation has been on an upward trend during the past three months. In June 2022 alone, the inflation surged higher by nearly 31% to touch 191.6%, compared with 132% in the prior month.

The decision to launch gold coins was welcomed by investment analysts. They consider introduction of gold coin as a welcome development in the market that have been starved of investment options. Moreover, they will act as a hedge against inflation, they noted.

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