![]() ![]() In addition to using the gold coins, the country also plans to use US dollars for transactions within the next five years, similar to what it did in 2008. To fight the current bout of inflation, the Zimbabwe central bank last week hiked its its policy rate to 200% from 80%. It led the country to temporarily abandon its currency and use foreign currency instead, namely the US dollar. THE annual inflation rate dropped 101,62 percentage points to 659,4 last month, as recent gains of the local currency against the greenback continue to reflect on its strength. In 2008, Zimbabwe's inflation rate shot up to an astonishing 89.7 sextillion percent. It's not the first time the country has struggled with hyperinflation, or even the most severe case of hyperinflation it has seen. Meanwhile, the country's inflation clocked in at 192% last month. the US dollar since the beginning of the year. Still, the hope is that Zimbabwe's gold coins can serve as a more stable store of value compared to the Zimbabwe dollar, which has depreciated by more than two-thirds vs. Data published Monthly by National Statistics. The maximum level was 39.26 and minimum was -3. However, benchmark gold prices are down 16% from a high in March. What is inflation rate in Zimbabwe 2022 Inflation Rate in Zimbabwe increased by 3.5 in September 2022 over the previous month. Gold is considered a safe haven during times of economic uncertainty as well as a hedge against inflation. The gold coins will be called "Mosi-oa-tunya," meaning "The Smoke Which Thunders," which is a reference to Victoria Falls. ![]()
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