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THE COIN VAULT PDF
The Central African Republic, one of the poorest countries in the world, this month unveiled plans to launch its own digital currency, the Sango.Download PDF Info Publication number US3844144A US3844144A US00410980A US41098073A US3844144A US 3844144 A US3844144 A US 3844144A US 00410980 A US00410980 A US 00410980A US 41098073 A US41098073 A US 41098073A US 3844144 A US3844144 A US 3844144A Authority US United States Prior art keywords housing front wall cash drawer bolts mounting plate Prior art date Legal status (The legal status is an assumption and is not a legal conclusion. That is the problem when you have small heads sitting in big offices,” he said Zhou.Įconomist Gift Mugano dismissed the idea of introducing a gold coin today, when more and more currencies were virtual. “The idea is just to do something to preoccupy the people and be seen to be doing something. Takavafira Zhou, a political scientist at Masvingo State University, scoffed at the idea that the coin could fix the economy. “The coin is not going to have a significant effect in terms of stabilising the macro economy,” economist Prosper Chitambara told AFP, adding that most Zimbabweans were too poor to afford the coin. The US dollar has been the currency of choice since 2008, when inflation spiralled so far out of control that the central bank issued a 100-trillion-dollar note, which has now become a collectors’ item.Įconomists and opposition are sceptical about the new coin’s impact. Inflation rose to 191.60 percent in June, the highest official rate in the world, according to Steve Hanke, a professor of applied economics at Johns Hopkins University in Maryland.Ĭonfidence in the local dollar is so low that goods and services are mostly priced in greenbacks.
Zimbabwe is a major source of gold, and they will be made from locally mined ore. The number of coins that will be minted has not been disclosed. He told lawmakers that if the parallel currency market steadied, “money will have value and result in stable prices.” Instead of people “going to the parallel market to look for a store value (in the US dollar), we are giving them an alternative product they can invest in,” the governor of the Reserve Bank of Zimbabwe, John Mangudya, said this month. The government says the innovation aims at shoring up the economy at a time of galloping inflation and depreciation of the Zimbabwean dollar.
The coin - whose market value on Friday was $1,725 - will be convertible to cash and be tradeable locally and internationally.īuyers will take physical possession of the coin and be issued with a certificate of ownership, with the option of placing the asset in the safety of a bank vault. They will be sold through banks from Monday at the prevailing international price for gold. The 22-carat coins, each weighing one Troy ounce (31.1 grammes) and individually numbered, have been named Mosi-oa-Tunya (“the smoke that thunders”) after the country’s world-famous Victoria Falls. Harare, Zimbabwe July 22 – Zimbabwe will next week introduce a gold coin aimed at battling a resurgence in inflation and easing the public’s thirst for US dollars.
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