Zimbabwe gold coin kicks off at US$1 823.80


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The Zimbabwe gold coin, introduced as an alternative store of value to the United States dollar, kicked off at US$1 823.80 or $805 745.38.

The coin was also introduced to shore up the local currency which has been on a steady decline and is current pegged at $403.40 at the auction rate, $423.49 at the interbank rate, $600 cash on the black market, $750 on mobile money and $950 on swipe.

The Reserve Bank of Zimbabwe said it had released 2 000 coins which can be purchased in a number of currencies including the South African rand, the Botswana Pula, the British pound, the Euro and the Australian dollar.

It said the price of the coin will be published every day at 8am and will be based on the previous day’s London Bullion Market Association PM fix plus 5% to cover cost of production and distribution of the coins.

The central bank has also detailed conditions for purchasing the coin which are listed below.

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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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