Tues. AM TNT News Articles 7-5-22



Zimbabwe Sells Gold Coins to Ease US Dollar in High Demand | Bloomberg 7/4/22

Zimbabwe’s central bank plans to sell gold coins to the public from July 25 as a store of value to stabilize the nation’s tumbling exchange rate and offer an alternative to the US dollar, which is in high demand.

The one-troy-ounce gold coins will be called Mosi oa-Tunya Gold Coin, Governor John Mangudya said. The term means Smoke that Thunders, a reference to Victoria Falls, the world’s greatest sheet of falling water, which traverses Zimbabwe and Zambia.

The gold coins will “be available for sale to the public in both local currency and US dollars and other foreign currencies at a price based on the prevailing international price of gold and the cost of production,” he said in an emailed statement.

The 22-carat coin will be identified by a serial number and can be easily converted to cash, tradeable locally and internationally and used to transact.

The coin forms part of measures to deal with a currency crisis that’s seen the annual inflation rate jump to 192% in June and a sharp depreciation in the Zimbabwean dollar, which has lost more than two-thirds of its value against the dollar this year.

Investors tend to flock to gold in times of wars and crises as it is seen as a safe-haven asset.


Zimbabwe to legislate use of U.S. dollar for next five years

JUN 27, 2022 5:18AM EDT

HARARE, June 27 (Reuters) – Zimbabwe’s government will maintain the country’s multi-currency system and legislate the use of the U.S. dollar for the next five years, finance minister Mthuli Ncube said on Monday.

The U.S. dollar is already in use but will now become legal tender to boost confidence, Ncube said at a news conference.

“The market’s lack of confidence in multi-currency is causing us problems, but I’m here to assure you it will remain in place for the next five years,” he said.

Zimbabwe abandoned its inflation-ravaged dollar in 2009, opting instead to use foreign currencies, mostly the U.S. dollar. The government reintroduced the local currency in 2019, but it has rapidly lost value again.    link

Source: Dinar Recaps


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