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Gold Coins Will Be Purchased Using Both Forex And Zimdollar – Mangudya

The Reserve Bank of Zimbabwe (RBZ) says gold coins that were announced last week will be bought using both foreign and local currency (Zimbabwe dollar).

RBZ Governor John Mangudya said the gold coins will be introduced into the market mid-this month.

Speaking in an interview with The Sunday News, Mangudya said the coins will be exchangeable locally and outside the country.

Mangudya said authorities have already engaged international financial partners on the soon-to-be-introduced coins. He said:

Basically, the gold coins will be an instrument for storing value and they will be purchasable in both foreign and local currency.

Once minted they will be distributed by Fidelity Printers and Refiners, local banks and international banking partners that we will announce in due course.

These gold coins will be used both locally and internationally because we have engaged with international banking partners.

What I must emphasise is that gold is gold and it has an international value.

Mangudya said those who will purchase the coins will also get bearer certificates. He said:

Since these coins are essentially meant to store value they can be used for the purpose of trading and also can be used as collateral. The purchaser can also convert them to cash if need be.

Our starting point for purchases will be one ounce of gold which will be representing approximately 22 carats.

Mangudya urged members of the public to disregard circulating images purporting to be the gold coins on social media platforms saying they are fake. He said:

As we have said, these coins will be minted at Fidelity Printers, who will be in charge of the distribution together with the banks and international banking partners.

The images that have been circulating are fake and the public should stand guided.

For now, Fidelity has been given the green light to start minting the coins so we expect that the coins will be available in the market by mid-July.

More: The Sunday News

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