Zimbabwe’s central bank unveiled the first images of gold coins it hopes will help solve its inflation problem.
The coins named “Mosi-oa-Tunya” after Victoria Falls, Africa’s largest waterfall that spans 1.7-kilometer (1.1 mile) located between Zambia and Zimbabwe, will be available to the public from July 25, the southern Africa nation’s central bank said on Friday.
It’s the latest in a series of efforts by authorities to stem a decline in the Zimbabwean dollar that’s spurred inflation to nearly 200%. The government hopes it will break the demand for dollars. Surging prices have sparked calls from state workers including teachers and nurses to be paid in the US currency.
The 22-carat coin will be sold at the international bullion spot price including a 5% charge to cover production and delivery costs. Gold was trading at $1,724.12 an ounce at 1:59 p.m. in London on Friday.
Once bought from banks and approved dealers, the coin must be kept for at least 180 days, “in line with the need to promote a savings culture in the country,” the central bank said in a statement.