However, Zimbabwe is telling its impoverished citizens to simply buy gold in order to solve its hyperinflation problem

This harebrained scheme to solve Zimbabwe's economic woes is hardly surprising given the country's notorious hyperinflation since World War II - 79,600,000,000% in 2008.

Rather than using US dollars, the nation of southern Africa has begun minting gold coins of one ounce.

Considering the fear factor surrounding the [Zimbabwean dollar's] loss of value, we are introducing this gold coin," Reserve Bank of Zimbabwe chief John Mangudya told local media.

Zimbabweans won't need to run to the parallel market to obtain foreign currency any longer since gold is a store of value, he argued

Here are a few things to remember about Zimbabwe's currency journey:

Zimbabwean dollars have been undervalued since 1980. To preserve the currency, incompetent and corrupt officials printed successively larger banknotes in the first decade of the century.

During the height of the crisis, the Reserve Bank of Zimbabwe pumped Z$100,000,000,000,000 into the economy. 

Black market notes initially cost about US$33, but soon couldn't purchase a bus ticket in Harare. On eBay, they now sell for $200 each as collectibles.

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