Gold coin takes Zimbabwe by storm, central bank releasing 2 000 more


-1

The gold coin that was introduced last week to shore up the local currency and provide an alternative store of value has taken Zimbabwe by storm with 1 500 of the 2000 coins that had been minted being sold in the first four days.

According to the Reserve Bank of Zimbabwe 85% of the coins were sold in local currency with only 15% being sold in foreign currency.

The coin started trading at US$1823.80 on 25 July but fell to US$1799.75 on Thursday. It was up to US$1841.18 on Friday and US$181.07 today.

It has, however, been on a steady increase in Zimbabwe dollars kicking off at $805 745.35 on 25 July to $863 101.13 today.

The central bank said it is releasing an additional 2 000 coins this week.

(102 VIEWS)

Don't be shellfish... Please SHARETweet about this on Twitter
Twitter
Share on Facebook
Facebook
Share on LinkedIn
Linkedin
Email this to someone
email
Print this page
Print

Like it? Share with your friends!

-1
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.

0 Comments

Your email address will not be published.