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| Version 0 | Version 1 |
|---|---|
| Zimbabwe launches gold coins to tackle soaring inflation | Zimbabwe launches gold coins to tackle soaring inflation |
| (7 months later) | |
| The new coin can be used in some shops | The new coin can be used in some shops |
| Zimbabwe's central bank has launched gold coins in an effort to help curb soaring inflation amid a slump in the country's currency. | Zimbabwe's central bank has launched gold coins in an effort to help curb soaring inflation amid a slump in the country's currency. |
| The central bank's main interest rate was more than doubled this month to 200% after the annual rate of inflation rose above 190%. | The central bank's main interest rate was more than doubled this month to 200% after the annual rate of inflation rose above 190%. |
| Each coin will be priced at the international market rate for an ounce of gold plus 5% for production costs. | Each coin will be priced at the international market rate for an ounce of gold plus 5% for production costs. |
| As of Friday, an ounce was worth about $1,724 (£1,435). | As of Friday, an ounce was worth about $1,724 (£1,435). |
| It will be possible use the coins in shops, if they have enough change, according to the governor of the Reserve Bank of Zimbabwe, John Mangudya. | It will be possible use the coins in shops, if they have enough change, according to the governor of the Reserve Bank of Zimbabwe, John Mangudya. |
| The coin is called "Mosi-oa-Tunya" which means "The Smoke Which Thunders" and refers to Victoria Falls, on the border between Zimbabwe and Zambia. | The coin is called "Mosi-oa-Tunya" which means "The Smoke Which Thunders" and refers to Victoria Falls, on the border between Zimbabwe and Zambia. |
| Zimbabwe's dollar slumped in value against major currencies this year. | Zimbabwe's dollar slumped in value against major currencies this year. |
| The country still remembers the economic chaos under the late Robert Mugabe, who ruled for almost four decades. | The country still remembers the economic chaos under the late Robert Mugabe, who ruled for almost four decades. |
| Hyperinflation forced it to abandon the Zimbabwe dollar in 2009, and it opted instead to use foreign currencies, mainly the US dollar. | Hyperinflation forced it to abandon the Zimbabwe dollar in 2009, and it opted instead to use foreign currencies, mainly the US dollar. |
| During the worst of the crisis the government stopped publishing official inflation figures but one estimate put the inflation rate at 89.7 sextillion percent year on year in mid-November 2008. | During the worst of the crisis the government stopped publishing official inflation figures but one estimate put the inflation rate at 89.7 sextillion percent year on year in mid-November 2008. |
| At the time, the one hundred billion Zimbabwe dollar bank note was seen as an emblem of the nation's economic collapse. | At the time, the one hundred billion Zimbabwe dollar bank note was seen as an emblem of the nation's economic collapse. |
| The local currency was reintroduced a decade later but it has rapidly lost value again. | The local currency was reintroduced a decade later but it has rapidly lost value again. |
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| Related Topics | |
| Coins | |
| Zimbabwe | |
| Gold |