Zimbabwe Claims Victory Over Speculative Currency Activity

Zimbabwean monetary and fiscal authorities have announced various measures to try to halt the depreciation of the Zimbabwean dollar (ZWL) by curbing speculative activity By Xinhua HARARE:  Over the past three months, the Zimbabwean monetary and fiscal authorities have announced various measures to try to halt the depreciation of the Zimbabwean dollar by curbing speculative activity. The latest of the measures is the introduction of gold coins into the market on July 25 by the Reserve Bank of Zimbabwe (RBZ), the country's central bank. According to the RBZ, the coins are an alternative stable investment product for value preservation, which should help to stabilize the exchange rate, and prices to curb inflation. Announcing his mid-term monetary policy statement last week, RBZ Governor John Mangudya said the central bank was pleased by the uptake of the coins, adding that it plans to release smaller units of gold coins into the market in November this year. The move is meant to allow ordinary Zimbabweans to buy them since the first coins released last month are exorbitantly priced, he said. The coins entered the market at 1 823.83 US dollars, a figure which is beyond the reach of many. "Following