Gold is the only savior..? Only way to reduce 192% inflation..!

Sowmiya Sriram
Gold is the only savior..? Only way to reduce 192% inflation..!
Zimbabwe is a country that has been in a bad state for many years in the work of the world economy. Zimbabwe's government and central bank are set to start selling gold coins later this month in a bid to curb hyperinflation as the local currency continues to lose value.
The gold coins, which will be issued by the government from July 25, can be bought with zimbabwe dollars, US dollars, and other currencies. These gold coins are called "Mosi-Oa-Tunya", which means "The Smoke Which Thunders" representing victoria Falls.
During economic uncertainty, gold is a safe option. Also considered a hedge against inflation. However, the benchmark gold price is down 16% from its high in March.
The Zimbabwean government believes that gold coins will remain a stable currency against the Zimbabwean dollar.
The Zimbabwean Dollar is valued at $361.9 against the US Dollar and the indian Rupee at Rs 79.15 against the US Dollar.
The Zimbabwean dollar has lost more than two-thirds of its value against the US dollar since the start of the year. Meanwhile, Zimbabwe's inflation rate last month was 192%.
For more interesting updates click and follow Indiaherald WhatsApp channel

Find Out More:

gold is the best savior

Related Articles: