Zimbabwe reintroduces gold coins as new currency struggles
Zimbabwe is selling gold coins again, nearly a year after the central bank suspended its use in the country.
The country’s central bank says it hopes the coins will help protect the value of people’s money and support the new currency, called the ZiG.
The coins are made of real gold and are being sold through local banks.
They come in different sizes, from one-tenth of an ounce to one full ounce. Officials say the move will help reduce inflation and give people a safe way to keep their savings.
The coins are called “Mosi-Oa-Tunya,” which means “The Smoke That Thunders,” the local name for Victoria Falls.
Zimbabwe launched the ZiG earlier this year. It is the country’s sixth attempt to have its own currency since 2009.
The government said the ZiG was backed by gold and U.S. dollars and promised that its value would be stable.
But just a few months later, people are already losing trust in it. There are signs the currency is being quietly weakened, Zimbabwe Mail reports.
In 2008, the old Zimbabwe dollar collapsed during a time of extreme inflation.
After that, the country used U.S. dollars for a while. Since then, several local currencies have been introduced.
Today, most people in Zimbabwe cannot afford to buy gold coins, which are priced in U.S. dollars.
