The country that mints gold coins to fight inflation

woman holding coin

Credit, Getty Images

photo caption,

New currency can be used in some stores

Zimbabwe’s central bank has taken an unusual step to curb the inflation that has been plaguing the country for years — and it’s considered one of the highest in the world.

Amid an abrupt drop in the value of the national currency, the institution began to mint gold coins.

The central bank more than doubled interest rates — a measure taken to deal with inflation — to 200% this month after the annual rate of inflation rose above 190%.

According to the International Monetary Fund (IMF), Zimbabwe recorded the third highest inflation in the world in 2021, behind only Venezuela and Sudan.

Source link

About Admin

Check Also

Remains of last Tasmanian tiger found in drawer after 85 years

The remains of the last Tasmanian tiger – an animal considered lost for 85 years …

Leave a Reply

Your email address will not be published. Required fields are marked *