Zimbabwe gold coin to be on sale from 25 July


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Zimbabwe gold coins, introduced to shore up the local currency, will be on sale from 25 July but contrary to earlier reports, they will be sold in both local and foreign currency.

The Reserve Bank of Zimbabwe today said the coins will weigh one troy ounce with a purity of 22 carats and will have serial numbers.

They will have a liquid asset status and can be used as collateral.

The coins were advocated by the central bank’s monetary policy committee to prop the local currency which is down to $366.27 at the auction rate, $375.4t at the interbank rate and ranges from $460 to $730 on the black market.

 

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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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