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Zimbabwe to introduce gold coins as local currency tumbles

Published

3 years ago

July 5, 2022

BY NYASHA CHINGONO

Zimbabwe’s central bank said it would start selling gold coins this month as a store of value to tame runaway inflation, which has considerably weakened the local currency.

The central bank governor John Mangudya said in a statement on Monday that the coins will be available for sale from July 25 in local currency, United States dollars and other foreign currencies at a price based on the prevailing international price of gold and the cost of production.

The “Mosi-oa-tunya” coin, named after Victoria falls, can be converted into cash and be traded locally and internationally, the central bank said.

The gold coin will contain one troy ounce of gold and will be sold by Fidelity Gold Refinery, Aurex and local banks, it added.

Gold coins are used by investors internationally to hedge against inflation and wars.

Last week, Zimbabwe more than doubled its policy rate to 200 percent from 80 percent and outlined plans to make the US dollar legal tender for the next five years to boost confidence.

Soaring inflation in the southern African country has been piling pressure on a population already struggling with shortages and stirring memories of economic chaos years ago under veteran leader Robert Mugabe’s near four-decade rule.

Annual inflation, which hit almost 192 percent in June, cast a shadow over President Emmerson Mnangagwa’s bid to revitalise the economy.

Zimbabwe abandoned its inflation-ravaged dollar in 2009, opting instead to use foreign currencies, mostly the US dollar.

The government reintroduced the local currency in 2019, but it has rapidly lost value again. – Reuters

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Zimbabwe Republic Police officer faces charges for allegedly claiming to be ZRP boss

Published

4 hours ago

August 15, 2025

VicFallsLive

BY STAFF REPORTER

A Zimbabwe Republic Police (ZRP) officer appeared in court today facing charges of causing disaffection among police officers, procuring the use of a motor vehicle by fraud, and transmitting false data messages intending to cause harm.

Simbarashe Mandizvidza, an Assistant Inspector in the ZRP, was remanded in custody to Monday, when he will apply for bail.

According to the State, Mandizvidza on August 14, broadcast a video on his YouTube channel, Gondo Harishaye, claiming to be the head of the ZRP, despite knowing that Commissioner General Stephen Mutamba holds the position.

The State alleges that Mandizvidza’s actions were intended to cause disaffection among police officers, contrary to Section 30 of the Criminal Law (Codification and Reform) Act, Chapter 9:23.

Mandizvidza is also accused of procuring the use of a Ford Ranger vehicle by misrepresenting to Chief Inspector Chiteure that he had been instructed by Commissioner Makomo to use the vehicle for errands.

Furthermore, the State alleges that Mandizvidza transmitted false data messages on his YouTube channel, including claims that the ZRP Traffic section had been temporarily disbanded and that Chinese nationals must leave Zimbabwe within 48 hours.

The State indicated that it will oppose Mandizvidza’s bail application, citing the seriousness of the offenses and the need to protect the public interest.

The case continues on Monday.

In the community

Chief Mvutu installation underway

Published

15 hours ago

August 15, 2025

VicFallsLive

BY NOKUTHABA DLAMINI

Hwange District is bracing for a historic event today as Chief Mvutu is officially installed as the new substantive chief.

The installation ceremony, which comes eleven years after the passing of Silibaziso Mlotshwa’s father in 2014, is featuring speeches, entertainment, and traditional greetings.

According to the programme, the ceremony will commence with the arrival of invited guests, followed by the arrival of distinguished guests.

The event will feature speeches by various dignitaries, including Richard Moyo, Minister of State for Provincial Affairs and Devolution, and Senator Chief Mtshane Khumalo, President of the National Council of Chiefs.

Other highlights of the ceremony include the investiture of Chief Mvutu, the paying of allegiance by village heads, and the presentation of gifts.

The installation ceremony marks a significant milestone in the district’s history, bringing to an end a protracted dispute over the chieftainship.

The event is expected to attract dignitaries, community leaders, and residents from across the district.

In the community

Nkayi man in court for alleged rape of minor

Published

16 hours ago

August 15, 2025

VicFallsLive

BY NOKUTHABA DLAMINI

A 28-year-old man from Nkayi appeared before the Nkayi Magistrates’ Court, facing charges of raping his 15-year-old niece.

The prosecution alleges that the incident occurred on July 28, 2025, in a secluded bushy area. The accused is said to have sexually assaulted the minor after she refused his advances.

The matter was reported to the authorities, leading to the accused’s arrest. He has been remanded in custody pending his next court appearance.

The case has been referred to the Bulawayo Regional Court for further proceedings, with the accused set to appear on August 26.