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    Reserve Bank of Zimbabwe has Initiated Gold Coins to be Sold to the Public in a bid to Repress Uncontrolled Inflation

    Posted On 28 Jul 2022
    By : New Africa Business News, Staff Correspondent
    Comment: 0

    By Abdul Rahman Bangura–

    Photo Credit: Facebook

    NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone – Since trust in Zimbabwe’s moolah is bad after people saw their savings snuffed out by hyperinflation in 2008 that attained five billion per cent, according to the IMF, some Zimbabweans crave to rush on the illegal market for scarce US dollars to keep at home as savings or for daily transactions.

    The Central Bank expended 2,000 coins to Commercial Banks on Monday July 25th, 2022. The first batch of the coins was coined outside the nation but ultimately, they will be generated locally, according to the Governor of the
    Reserve Bank of Zimbabwe – John Mangudya.

    “The government is striving to mediate the high demand for the US dollar because this high demand is not being matched by supply,” Zimbabwean Economist Prosper Chitambara stated.

    “The expectation is that … there will also be moderation in terms of the depreciation of the local currency, which should have some kind of stabilizing effect in terms of pricing of goods,” he noted.

    Each person or corporation can purchase the coins from legal outlets such as banks and can maintain the coins at a bank or take them home, according to an announcement by the nation’s Central Bank. Foreigners can only buy the coins in foreign currency, the Central Bank expressed.

    …“will have liquid asset status, that is, it will be eligible of existing effortlessly modified to cash, and will be tradable locally and internationally. The coin may also be utilized for transactional purposes”, the Central Bank noted. People
    carrying the coins can only trade them for cash after 180 days from the date of buying, according to the Reserve Bank of Zimbabwe. 

     

    Current Outbreak of Coronavirus (COVID-19) Disease- Coronavirus advisory information, World Health Organization & United States, Centers for Disease Control and Prevention

    Coronaviruses (CoV) are a large family of viruses that cause illness ranging from the common cold to more severe diseases such as Middle East Respiratory Syndrome (MERS-CoV) and Severe Acute Respiratory Syndrome (SARS-CoV). A novel coronavirus (nCoV) is a new strain that has not been previously identified in humans.

    Coronaviruses are zoonotic, meaning they are transmitted between animals and people.  Detailed investigations found that SARS-CoV was transmitted from civet cats to humans and MERS-CoV from dromedary camels to humans. Several known coronaviruses are circulating in animals that have not yet infected humans.

    Common signs of infection include respiratory symptoms, fever, cough, shortness of breath and breathing difficulties. In more severe cases, infection can cause pneumonia, severe acute respiratory syndrome, kidney failure and even death.

    Standard recommendations to prevent infection spread include regular hand washing, covering mouth and nose when coughing and sneezing, thoroughly cooking meat and eggs. Avoid close contact with anyone showing symptoms of respiratory illness such as coughing and sneezing. Source- WHO

    who.int/emergencies
    Coronavirus Q&A, World Health Organization
    who.int/news-room
    Coronavirus condition overview, World Health Organization
    who.int/health-topics
    United States, Centers for Disease Control and Prevention
    cdc.gov/coronavirus/2019-ncov

    NEW AFRICA BUSINESS NEWS
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    For New Africa Business News (NABN) Abdul Rahman Bangura Reports,  Africa Correspondent

     

     

    About the Author
    New Africa Business News Staff Correspondent
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