Zimbabwe’s Gold Coins Sell Above $2,000 Each For The First Time

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(Bloomberg) — Zimbabwe’s gold coins introduced in July are selling above $2,000 for the first time.

The so-called “Mosi-oa-Tunya” gold coin, named after Victoria Falls, a key tourism site which straddles the border between Zimbabwe and Zambia, were priced at $2,002.51 for a one-ounce coin on Monday, according to data on the Reserve Bank of Zimbabwe’s website. Spot gold was at $1,914.21 an ounce at 2:45 p.m. in London.

The central bank introduced the gold coins to halt a collapse of the Zimbabwean dollar and to help ease demand for US dollars. Smaller units were brought into circulation in November.

The International Monetary Fund urged authorities last month to wind down the use of the gold coins and to use appropriate interest-bearing instruments to carry out monetary policy.