Monday, October 3, 2022
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Zimbabwe Central bank to launch cheaper gold coins

Zimbabwe’s central bank has announced it is introducing lower denominations of gold coins to allow ordinary people to purchase them.

The local Zimbabwean dollar exchanged at 108.66 to the US dollar at the beginning of the year but tumbled to 481.85 to the dollar in August.

Zimbabwe uses two main currencies, the US and the Zimbabwe dollar, but most people prefer to exchange their local dollars for foreign currency to maintain value.

It has caused a shortage of the US currency and driven exchange rates up.

According to Herald News, the central bank says that the smaller denominations of coins worth about $180 each will be released in November.

The coins are available to buy at approved banks and are tradeable locally.

SourceHERALD

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