RBZ Gold Coins First Batch Starts circulating
There was so much hype yesterday as the much anticipated Mosi-oa-Tunya gold coins went on sale with an opening selling price of US$1 823,80 or Z$805 745,35 per coin after their release by the Reserve Bank of Zimbabwe (RBZ) Governor Dr John Panonetsa Mangudya.
Speaking at the launch yesterday, RBZ Governor Dr John Mangudya said the coins would be released on a demand basis
“The bank shall be releasing the Gold coins on a demand basis depending on the needs of the agencies as they see fit in the market and we will be able to supply on a replenish basis,” he said.
The RBZ Governor further added,
“The banks and agencies are supposed to buy for themselves, sell to their customers either companies, individuals or corporations.”
Governor Mangudya released only Two thousand into the market.
The Mosi-Oa-Tunya gold coins resolution and adoption into the system follows the RBZ Governor’s Monetary Policy Committee (MPC) which he doubles as its Chairperson, resolution last month, as a new investment instrument that also doubles up as a store value for local investors.
The Reserve Bank of Zimbabwe Governor said the coins will be sold using both the local and foreign currency at the prevailing international gold price.
Outlining guidelines for buying the newly- introduced gold coins, the central bank Chief last week said the gold price would be published daily in the morning and based on the previous day’s London Bullion Market Association (LBMA) PM Fix plus the cost of producing the coin.
On its introduction yesterday, the coin was selling at 30 753,60 in South African rand, Botswana pula (P23 115,30), British pound (£1 523,89), Australian dollar (AUD2 6405), Euro (€1 788,39) and $805 745,35 in local currency.
Each coin of the Mosi-oa-Tunya, has a unique engraved serial number, weighs one troy ounce, has a purity of 22 carats and weighs 33,93 grammes.
Many banks in Bulawayo have not yet received allocations for resale, after many inquiries from clients who want to know any buying options.
Temporarily local banks are not allowed to buy the gold coins for their own portfolios until the RBZ decides otherwise in line with developments in the economy.
Banks can only receive the coins from the Reserve Bank for onward selling to their customers on behalf of the apex bank.