Zimbabwe Reintroduces Gold Coins to Strengthen Currency Amid Crisis

Zimbabwe's central bank has reintroduced the sale of gold coins, dubbed 'Mosi-Oa-Tunya,' aiming to stabilize the country's financial system and shore up confidence in the recently launched ZiG currency. The coins, available in various denominations, are being sold through local banks after a 10-month suspension. Officials claim that the move is designed to preserve value and back the ZiG with tangible assets, capitalizing on strong global gold prices. However, critics argue the measure is largely cosmetic, pointing out that selling gold does not actually increase the country's bullion reserves or address deeper issues such as fiscal mismanagement and public distrust in monetary policy. The initiative comes as the ZiG, backed by gold and foreign currency reserves, faces skepticism and signs of devaluation only months after its introduction. While the sale may momentarily reduce local money supply, analysts doubt it will solve the country's persistent economic instability.