$3.7 Billion in Gold Coin Sales Recorded in Zimbabwe in Just Two Weeks

According to the Reserve Bank of Zimbabwe, by the 10th of August, it had sold 4 475 gold coins for a total of $3.7 billion, 90% of which had been paid in local currency.

To accommodate smaller players, it is now preparing to release smaller coins by this November.

The increasing demand for gold coins, according to the central bank, will help to absorb market liquidity, bolster demand, and raise the value of the local currency.

On July 25, gold coins were launched as a form of money and to absorb surplus liquidity from the market.

The coin’s initial value was US$1 823.80, equivalent to Z$805 745.35 today, and it was last valued at US$1 886.54, or Z$948 989.74.

According to the central bank, a little coin with slightly more than 3.11g of gold would be issued. It will cost US$188.48, however the final cost will depend on the current global gold price.

The gold coin must currently be kept for six months (180 days) before being sold.

The local currency has firmed from Z$950 on the swipe or zipit rate to $800 as a result of the removal of surplus liquidity.

The rate for mobile money is $750 while the rate for cash is Z$700.

The auction rate for the Zimbabwean dollar is $458.3653, the interbank rate is $481.8543, and the gold coin rate is $496.9222.

Although the impact of the gold coin on inflation is not yet obvious, the monetary policy committee of the central bank predicted that annual inflation would continue to grow until September while monthly inflation would be dropping.