Zimbabweans hit by soaring inflation: Will gold coins help?

By FARAI MUTSAKA
Associated Press

HARARE, Zimbabwe (AP) — Rising prices and a fast depreciating currency have pushed many in Zimbabwe to the brink, reminding people of when the southern African country faced world-record inflation of 5 billion% in 2008. With inflation jumping from 191% in June to 257% in July, many Zimbabweans fear the country is heading back to hyperinflation. To prevent a return of such economic disaster, President Emmerson Mnangagwa’s government last month introduced gold coins as legal tender. The country’s central bank, the Reserve Bank of Zimbabwe, said the one-ounce, 22-carat coins would help tame runaway inflation and stabilize the nation’s currency. But the glitter of the gold coins is hard to see for Zimbabweans struggling each day to eke out a living.