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.
(328 VIEWS)
This post was last modified on July 25, 2022 5:12 pm
Zimbabwe has been ranked third among the least free countries in Southern Africa but it…
I had always considered it a curse for a wife to die before her husband.…
This is a true story about the challenges and loneliness I faced when my wife…
My first long-form article in booklet form: Why I had a girlfriend two months after…
The editor and publisher of The Insider, Charles Rukuni, has started a whatsapp channel through…
A friend who knows about my legal battle with Zimbabwe’s richest man, Strive Masiyiwa, way…
