Zimbabwe gold coins mop out $25 billion

Zimbabwe gold coins mop out $25 billion

Gold coins, introduced in Zimbabwe in July 2022 as one of the measures to stabilise the local currency by easing demand on the United States dollar, had mopped out $20 billion by 13 January this year.

A total of 25 188 coins had been sold with 84% being bought by corporates and only 16% by individuals.

Zimbabwe initially introduced one ounce coins but later printed smaller denominations to cater for those who could not afford the one-ounce coins.

Smaller denominations accounted for 38% of the sales.

The central bank said it will continue to avail gold coins on a demand driven basis as it seeks to promote a savings culture and provide alternative investment instruments to the public in the dual currency system. 

(55 VIEWS)

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