Home Business Zimbabwe introduces gold coins to tame inflation

Zimbabwe introduces gold coins to tame inflation

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Zimbabwe gold coin, Mosi-Oa-Tunya

Zimbabwe central bank will start selling gold coins from July 25 in an effort to tame inflation.

The central bank Governor, John Mangudya, on Monday said the coins will be sold in local currency, US dollars, and other foreign currencies at a price depending on the current global gold price and the cost of manufacturing.

In a statement, Mangudya said that local banks, Aurex, and Fidelity Gold Refinery would all sell the gold coin.

Some of the characteristics of the coin, dubbed Mosi-Oa-Tunya, include;

i) Weight – one troy ounce

ii) Purity – 22 carats

iii) Identification – Each coin will have a serial number.

iv) Ownership – Upon purchase, the buyer shall take physical possession of the coin and be issued with a Bearer Ownership Certificate.

v) Liquidity and Tradability – The coin will have liquid asset status, that is, it will be capable of being easily converted to cash, and will be tradable locally and internationally. The coin may also be used for transactional purposes.

vi) Collateral – The coin can be used as security for loans and credit facilities.

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