Gold coins mop up $60 billion

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GOVERNOR of the Reserve Bank of Zimbabwe, John Magudya, says demand for foreign currency under a multi-currency system remains insatiable, but he revealed that the country has so far mopped up $60 billion through its gold backed store of value alternatives.
Zimbabwe has oscillated between different currency regimes over the past decade as inflation challenges have remained persistent. This has seen demand for the greenback soar with people seeking a hedge against loss of value.
While saying that the demand cannot be satisfied Mangudya believes the gold coins have offered a useful alternative to the US dollar as a store of value.