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IPFS News Link • Currencies

African Country Eyes Gold Currency

• https://www.lewrockwell.com by RT

The government in Harare hopes this will reduce the demand for US dollars and at least slow down the further debasement of the local currency, but the general public appears unconvinced.

The Central Bank governor, John Mangudya, said the coins should become available in late July via local banks and currency exchanges. Named Mosi-oa-Tunya, after the Victoria Falls, they will contain one troy ounce of gold and serve as legal tender, convertible into cash locally and internationally.

"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 production," Mangudya said in a statement.


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