Zimbabwe Central Bank: Sales of gold coins will start in late July.

August 26, 2022

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Zimbabwe Central Bank: Sales of gold coins will start in late July.

The population of Zimbabwe will be allowed to purchase and own one troy ounce gold coins as of July 25. The coins may be sold and used as “security for loans and credit facilities,” according to the central bank, in addition to serving as an additional kind of store of value.

The RBZ said that sales of the coins will begin on July 25. The coins may be purchased using either local currency or US dollars. The Mosi-Oa-Tunya gold coins, which are the equivalent of Victoria Falls in the local language, each weigh one troy ounce, or 31.10 grammes. Each coin has a serial number for identification and is fine (22 carats). The RBZ had earlier stated that Zimbabwean investors will utilise the gold coins as an alternative stock exchange to safeguard their investments from the nation’s escalating inflation. Before the Central Bank’s most recent ruling, it was illegal for unauthorised people or businesses to purchase or store gold. Only those individuals or businesses that are permitted by the nation’s laws are allowed to own or sell this precious metal.

However, in a report that residents report on places that can buy gold coins, RBZ promises that investors who buy gold coins “allow physical currency”. The report also states that the owners of gold coins are provided with a “certification of tolerance”. The corresponding certificate or receipt is given to those who want to use the third police service. In addition to the recommended real estate state, gold coins are “safely used for loans and credit”. RBZ said it was a layout of the purchase if the owner decides to solve the currency.

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