Zimbabwe’s smallest gold coin kicks off at US$185.73


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Zimbabwe yesterday introduced smaller gold coins meant for ordinary citizens but the smallest coin, a 0.10 ounce coin, kicked off at US$185.73 which was $123 35.46.

The introduction of gold coins in July helped stabilise the local currency and curbed inflation though the black market rate has started sliding and is now put at $900 to the greenback. 

According to figures released by the central bank, the one ounce coin went US$1 857.35 or $1.2 million while a half ounce coin sold for US$928.67 or $616 78.31 and a quarter ounce coin was pegged at US$464.34 or $308 393.66.

Gold coins were introduced as an alternative store of value but they are for those with excess liquidity as one has to hold the coin for at least 6 months (180 days).

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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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