RBZ Speaks On Reason Behind Introduction Of Gold Coins, Who Can Have Them

The Reserve Bank of Zimbabwe (RBZ) has said gold coins were introduced for curbing inflation and the preservation of wealth.

As part of efforts to facilitate a wide range of investment portfolios the central bank has seen it necessary to roll out gold coins.

This Friday Reserve Bank of Zimbabwe (RBZ) Governor, Dr John Mangudya outlined the roadmap to introducing the gold coins, including their intended purpose. ZBC News’ Business Editor, Stanley James, quotes Mangudya as saying:

The Reserve Bank of Zimbabwe’s Monetary Policy Committee (MPC) resolved to introduce gold coins into the market as an instrument that will enable investors to store value, the gold coins will be minted by Fidelity Gold Refineries (Private) Limited and will be sold to the public through normal banking channels, the primary aim and objective is to preserve the store of value for wealth so the process has started and minting has also started. It is all about focusing on different trading platforms that have an effect in curbing inflation while focusing on the preservation of wealth in terms of its intrinsic value.

The apex bank’s chief added that the coins are open to everyone, that is, industry, commerce, individuals, and investors among many others. He also said the gold coins will be purchased using the set of units within the multicurrency basket.

Gold is an important element for investors in hedging against the effects of inflation. 

Analysts have also backed the idea of the gold coins citing their positive effects on long-term financial planning models.

Earlier this week, the Monetary Policy Committee noted that the minting of gold coins is important for restoring confidence in the country’s financial markets.

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13 comments on “RBZ Speaks On Reason Behind Introduction Of Gold Coins, Who Can Have Them

    1. With gold one can never go wrong. Let’s support the program. Don’t be left out this should be our way out of the shameless greedy capitalistic mentality of the current crop retailers and manufacturers.

  1. It’s all trial and error; Muthuli has run out of ideas and does not know which way to turn, hence hes making experiments which he’s not certain will work. He should appreciate that the economic repression is simply political and can only be resolved politically, that is by voting out the vampire ZANU PF regime and replacing it with a more capable government which is pro-people

    1. Indeed zanu pf is a parasitic dirty organization left with little time. It’s demise is certainly a matter of time! These dogs deserve prison care.

      1. Why not giving it a chance. You sound purely regime changists. People are suffering and the least they need now politicking.

    2. Man your moron ability is worrisome please go for a mental check up. Forward with gold coins to have our own sound durable currency

  2. Who in Zimbabwe other than the obvious, can afford to buy gold at USD$1600 per oz. These coins havent even been minted yet – so it is just propoganda. Stupid people in Finance.

  3. I think it o my works if we are going to use them as a medium of exchange. One should be able to buy fuel using these good minted coins. Thank you

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