Zimbabwe Launches Gold Coin as Currency to Battle Extreme Inflation

Zimbabwe has launched a new currency — the freshly minted batch of 22 karat gold coins is to be sold to the public. The country’s central bank states that the gold coin will give support to its unstable economy, as well as providing relief to its citizens from hyperinflation. In addition, it will bring an end to the citizens run for foreign currency.

“What [we] expect is that you will see stabilization in the exchange rate, and therefore by extension, the past three effects into the pricing system will go down. Therefore, expect price stability in [our] economy.”

— JOHN MANGUDYA, Governor, Reserve Bank of Zimbabwe