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RBZ Refutes Gold Coins Circulation News

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The Reserve Bank Of Zimbabwe (RBZ) has dismissed the videos and messages circulating on various social media platforms alleging that gold coins are available for sale and are already in circulation.

RBZ in a tweet dismissed the videos and messages saying they are all fake and RBZ will issue gold coins as advised earlier this week.

“Videos and messages circulating on social media purporting or giving out that gold coins are available for sale and that some people already have them are nothing but fake news.

“For the record, RBZ has not released any gold coins and the gold coins will become available on 25 July 2022 as earlier advised by RBZ,” said RBZ.

On Tuesday, RBZ issued a statement saying the newly introduced gold coins that will be available for sale to the public from 25 July will be traded in both local currency and United State Dollars at the price based on the prevailing International price of gold and cost of production

Governer John Mandudya said “The one-troy-ounce gold coins will be called Mosi oa-Tunya Gold Coin, with 22 carats will have liquid asset status that will be capable of being easily converted to cash and will be traded locally and internationally . The coin may also be used for transactional purposes,”

The coin can also be used as security for loans and credit facilities and also the coin will be prescribed asset prescribed and institutional investors can use to meet regulatory requirement for prescribed asset.

The coin forms part of measures to deal with a currency crisis that’s seen the annual inflation rate jump to 192% in June and a sharp depreciation in the Zimbabwean dollar, which has lost more than two-thirds of its value against the dollar this year.

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