6 799 Zimbabwe gold coins sold by Friday, 26 August


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A total of 6 799 gold coins had been sold by Friday, 26 August, with 75% being bought by corporates and only 25% by individuals, the Reserve Bank of Zimbabwe said.

In its statement today the central bank’s monetary policy committee said 10 000 gold coins had so far been minted and 8 076 were distributed.

95% of the coins were purchased in local currency but the committee did not say how much had been mopped out of the market through the sale.

While the introduction of the gold coins on 25 July saw the black market rates fall, they seem to be recovering and now range between $800 and $850 to the United States dollar.  The swipe rate at one time dropped from $950 to $800.

The gap between the cash, mobile money and swipe rates has, however, narrowed and the auction rate is closing in on the black market rate.

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Charles Rukuni
The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

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