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Business

2000 Gold Coins Released Into The Market

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By Jabulani Khumalo

 

The Reserve Bank of Zimbabwe (RBZ) Monday released into the local market the first batch of 2000 gold coins which will be sold on a willing buyer-willing seller principle at various banks and agents.

 

 

Speaking to the media at the launch of the gold coins in Harare, Central Bank Governor Dr John Panonetsa Mangudya said the bank will publish the price of the coins on a daily basis.

 

 

“Local agents commenced selling the gold coins, at an initial price of US$ 1,823.8 per gold coin or the Zimbabwe dollar equivalent of ZWL805,745.35,” said Dr Mangudya.

 

 

He also said that the gold coins will be purchasable in other currencies such as the South African Rand, Botswana Pula, Austrian Dollar, British Pound and the Euro.
Dr Mangudya also spoke about the security features of the Gold Coins.

 

 

“The gold coins have the following features, Denomination 1Oz, for the time being, Material gold, purity 22 Karats (91.67%), diameter 32 mm, weight 33.93g, shape, round, edge type reeded with serial number engraved, quality proof and thickness 2.63mm.”

 

 

He added, “The gold coins have the following qualities, liquid asset status, prescribed asset status, collateral acceptability, tradable, serial number and central bank buy-back when required by the holder of the gold coin.”

 

 

“The following selling arrangements are being applied for different buyers, domestic buyers including individuals may buy in local currency or foreign currency, domestic corporate including institutional investors will be allowed to buy gold coins in local currency or foreign currency subject to quantity restrictions where it is deemed necessary, exporting entities shall buy Mosi-oa-Tunya gold coins in foreign currency from their retained export portions”

 

 

Governor Mangudya said the gold coins are an alternative investment product for those who want to store value as gold is seen as a safe asset thought-out the world.

Robert Tapfumaneyi