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Zimbabwe discovers its gold money may work; IMF wants it to stop
Zimbabwe's Gold Coins Sell Above $2,000 Each For The First Time
By Ray Ndlovu and Rene Vollgraaff
Bloomberg News
Monday, January 16, 2023
Zimbabwe's gold coins introduced in July are selling above $2,000 for the first time.
The "Mosi-oa-Tunya" gold coin, named after Victoria Falls, a key tourism site that straddles the border between Zimbabwe and Zambia, were priced at $2,002.51 for a 1-ounce coin today, according to data on the Reserve Bank of Zimbabwe's website.
Spot gold was at $1,914.21 an ounce at 2:45 p.m. in London.
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The central bank introduced the gold coins to halt a collapse of the Zimbabwean dollar and to help ease demand for U.S. dollars. Smaller units were brought into circulation in November.
The International Monetary Fund urged authorities last month to wind down the use of the gold coins and to use appropriate interest-bearing instruments to carry out monetary policy.
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