Zimbabwe

The Central Bank of Zimbabwe has introduced gold coins to curb rising inflation amid a monetary downturn.

 Its main interest rate this month increased  to 200% after the annual rate of inflation rose above 190%.

Each coin will for production costs be priced at the international market rate for an ounce of gold plus 5%.

According to Zimbabwe Central Bank Governor John Mangudia, you can use them in stores, If you have enough coins.

 The coin called “Mosi-oa-Tunya” means “The Smoke Which Thunders” and refers to Victoria Falls, on the border between Zimbabwe and Zambia.

As of Friday, an ounce was worth about $1,724 (£1,435).

The Zimbabwean dollar this year has been devalued against major currencies.

The country recalls the economic upheavals of the era of Robert Mugabe, who ruled for almost 40 years.

 Decision was made to abandon the Zimbabwean dollar and use foreign currencies, especially the US dollar in 2009 due to hyperinflation.

The government stopped publishing official inflation data during the worst of the crisis.

The local currency was reintroduced 10 years later, but quickly depreciated again.