85% Of Gold Coins Sold In Zimbabwe Dollars - RBZ

Reserve Bank of Zimbabwe (RBZ) governor John Panonetsa Mangudya on Monday said 85% of the gold coins that were sold during the first week of their release onto the market were sold in Zim dollars.

The RBZ released a total of 2 000 Mosi-oa-Tunya gold coins onto the market on 25 July, with 1 500 gold coins having been sold by yesterday. Said Mangudya:

A total of 1 500 gold coins were sold by the bank’s agents during the first week of their release into the market, with 85% having been bought in local currency, while the balance of 15% was bought in foreign currency.

The central bank said the gold coins are aimed at managing inflation and reducing the demand for foreign currency as a store of value but critics describe the scheme as another scam to dupe people of their hard-earned US dollars.

The gold coins were sold at an initial price of US$1 823, 80 per coin or $805 745,35 using the willing-buyer willing-seller rate.

Mangudya said an additional 2 000 gold coins will be released into the market during the week commencing 1 August 2022.