Government will start selling gold coins on the 25th of July 2022, Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mangudya has revealed.
Speaking through a statement yesterday, Dr Mangudya said that the gold coins would be sold in both local currency (ZW$) and United States Dollars (US$).
“The gold coins will be available for sale to the public from 25 July 2022 in both local currency (ZW$) and United States Dollars (US$) (and other foreign currencies) at a price based on the prevailing international price of gold and the cost of production.
“The coins will be sold through the Bank and its subsidiaries, Fidelity Gold Refinery (Private) Limited and Aurex (Private) Limited, local banks and selected international banking partners. Entities selling the coins shall be required to apply Know Your Customer (KYC) principles,” said the Governor.
Meanwhile, Dr Mangudya highlighted the features and characteristics of the gold coin.
He said that the gold coin shall be called Mosi-Oa-Tunya and shall weigh one troy ounce with 22 carats and that each coin will have a serial number.
Dr Mangudya said that upon purchase, the buyer shall take physical possession of the coin and be issued with a Bearer Ownership Certificate adding that the buyer of the coin may opt to place it in the custody of bankers of own choice in which case a safe custody certificate will also be issued.
Dr Mangudya added that the coin could be used as security for loans and credit facilities and that at the instance of the holder; the Bank will buy back the coin.
The introduction of gold coins is in pursuant to the resolution of the Monetary Policy Committee of 24 June 2022 to introduce gold coins into the market as a store of value.