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RBZ To Sell Gold Coins In Zim Dollars

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Reserve Bank of Zimbabwe(RBZ) said 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 Mangudya 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.

Pellagia Mupurwa

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