The Reserve Bank of Zimbabwe says it had sold 4,475 gold coins by 10 August realising $3.7 billion, 90% of which was paid in local currency. It is now planning to introduce smaller coins by November to cater for small users.
The central bank said on Thursday that the high demand for the gold coins will help mop up liquidity from the market and thus strengthen the demand and enhance the value of the local currency. The gold coins were introduced on 25 July as a store of value and to mop out excess liquidity in the market.
The coin kicked off at US$1 823.80 which was $805 745.35 and was pegged at US$1 886.54 or $948 989.74 last week.
The central bank said it will introduce a small coin containing just over 3.11g of gold. It will cost US$188.48 but the actual price will be determined by the world price of gold at the time.
Currently, one has to hold the gold coin for six months (180 days) before selling it.
Denford Mutashu, President, Confederation of Zimbabwean Retailer’s
