Recently, the Reserve Bank of Zimbabwe (RBZ) declared that gold coins would be introduced.
Following the announcement, Zimbabweans took to social media to express their opinions on the recent development.
The introduction of the gold coins is part of steps to make sure that investors and the general people have other ways to retain value, according to a statement made last Monday by RBZ Governor John Mangudya.
He disclosed that Fidelity Gold Refineries will produce gold coins and sell them to the general public through conventional banking methods.
Mangudya provided additional information about the gold coins that will be used in Zimbabwe in an interview with a local media. He said that in addition to minting them, Fidelity Gold Refineries will also jointly distribute the coins.
Mangudya dismissed assertions that the gold coins will only be purchased in United States dollars. He said the gold coins will be purchased in all currencies in circulation in Zimbabwe including the Zimdollar. Mangudya 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 Printersand Refiners, local banks and international banking partners that we will announce in due course.
The gold coins will not only be used for local transactions, according to Mangudya who said they will have an international value. He said
These gold coins will be usable 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.
He said that purchasers of the coins will also receive bearer certificates. One ounce of gold, or roughly 22 carats, will be represented by each coin. The coins can be used as collateral by their owners. If necessary, they can even exchange them for cash. He stated that one ounce of gold will serve as the starting point for buying.
The Governor also disregarded pictures of what appeared to be gold coins on social media, saying that samples hadn’t yet been made available. He claimed that the photographs going around are false and advised the public to follow their guidance.
By the middle of July, he claimed, the coins would be on sale.
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