“The Reserve Bank of Zimbabwe’s Monetary Policy Committee (MPC) resolved to introduce gold coins into the market as an instrument that will enable investors to store value.
The gold coins will be available for sale to the public in both local currency and US dollars and other foreign currencies at a price based on the prevailing international price of gold and the cost of production.”
– Governor, Reserve Bank of Zimbabwe
The Governor of the Reserve Bank of Zimbabwe, John Mangudya, announced the new gold coins would be minted by Fidelity Gold Refineries (Private) Limited and made available to the public through normal banking institutions.
RBZ owns Fidelity Gold Refineries (Private) Limited. The central bank operates as the only gold-buying and refining entity in Zimbabwe.
The 22-carat coin will be identified by a serial number and can be:
Easily converted to cash
Tradeable locally and internationally
Used to transact, and
Used as security for loans and credit facilities
The Zimbabwe dollar has lost two-thirds of its value against the dollar in 2022 alone and the gold coins are expected to boost investor confidence in the Zimbabwean dollar while lso enabling the central bank to mop up considerable amounts of excess Zimbabwean dollar liquidity out of th emarket through the sale of the coins.