Zimbabwe is reviving gold coins to support its embattled currency, as earlier efforts with gold-backed digital tokens failed to curb economic instability.
Zimbabwe is yet again turning to gold to defend its embattled currency, as the Reserve Bank of Zimbabwe, the country’s central bank, has revived sales of physical gold coins just 10 months after scrapping the program, betting that tangible bullion might succeed where digital tokens have struggled, Bloomberg reports.
The so-called “Mosi-Oa-Tunya” coins, named after Victoria Falls, are being reintroduced during what officials are calling a “time of attractiveness” for gold. For context, minting had been paused in July 2024, after Reserve Bank Governor John Mushayavanhu suggested the focus would shift toward digital alternatives.
Now, however, officials seem to be thinking differently. Persistence Gwanyanya, a member of the central bank’s monetary policy committee, told Bloomberg that the spike in global gold prices made it an opportune moment to act.
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