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The Reserve Bank of Zimbabwe (RBZ) has officially suspended the sale of gold coins, with effect from June 16, 2025, marking a significant pause in one of the country’s most closely watched monetary policy tools in recent years. The central bank confirmed the suspension follows what it described as a “mop-up sale” aimed at offloading remaining stock, including coins that had been returned or redeemed by previous holders.
In a statement, RBZ Governor Dr. John Mushayavanhu explained that the latest round of sales was not linked to any fresh minting of gold coins, which the bank had already discontinued in April 2024. “The Reserve Bank would like to clarify that this was a sale meant to clear remaining stock and not the minting of new gold coins which had been suspended in April 2024,” Mushayavanhu said. “The latest round of gold coin sales also included coins redeemed by holders.”
Initially introduced in July 2022 as a store of value and inflation-hedging instrument amid currency volatility and skyrocketing prices, the gold coins were sold in both small and large denominations, gaining popularity among institutional and individual investors alike. However, with inflation stabilizing and the monetary authorities shifting focus toward currency reforms and broader fiscal controls, the utility of the coins as an active policy lever has waned.
Dr. Mushayavanhu noted that the suspension does not signal the end of the gold coin program altogether. Rather, future sales may resume, but only when a meaningful number of coins have been redeemed and re-accumulated. “Future gold coin sales will only be undertaken upon accumulation of a sizeable quantity from redemptions,” he said.
Despite the halt in new sales, the RBZ has sought to reassure investors that their existing holdings remain secure and fully functional. “All gold coins already in the market remain tradeable and redeemable,” Mushayavanhu confirmed, signaling continued confidence in the underlying value and liquidity of the instruments.
The announcement comes at a time when Zimbabwe is pursuing a raft of economic adjustments under the newly introduced structured currency, ZiG, as authorities try to stabilize the financial system and regain public trust. For investors holding gold coins, the central message from the central bank is clear: while new purchases are on hold, existing assets remain safe, legal, and redeemable — for now.
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