Gold Coins Began to be Used in Zimbabwe Due to Rising Inflation

Gold Coins Began to be Used in Zimbabwe Due to Rising Inflation

Gold Coins Began to be Used in Zimbabwe Due to Rising Inflation

Gold coins are being used as currency in Zimbabwe due to rising inflation. The value of the Zimbabwean dollar is falling sharply And inflation is rising sharply. To reduce inflation, the government has decided to use gold coins instead of government currency. Gold coins will be issued for use across the country from July 25. The finance minister says the use of gold coins will not burden the currency. He added that gold coins would be used for trade at home and abroad. Their gold coins will have nothing to do with the national currency.

 

Zimbabwe’s economy went bankrupt in 2009. In 2009, the government decided that the US dollar would replace the local currency in the country. In 2019, the government again issued its local currency and was once again using its local currency to trade in the country. Due to rising inflation, the government has now decided to trade in gold coins.

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