The government of Zimbabwe has announced that it will issue gold coins in July, a move that is being viewed with skepticism by many local currency traders.
The gold coin, which will be called “Mosi-Oa-Tunya,” will weigh one troy ounce and have a purity of 22 carats, the Reserve Bank of Zimbabwe said in a July 4 press release. Every coin will have a serial number and can be used as collateral security for loans and credit facilities.
Coins will be available for sale to the public beginning July 25 in local Zimbabwean dollars (ZWD) as well as U.S. dollars (USD) and other foreign currencies at a price based on the cost of production and the prevailing international price of gold….