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Zimbabwe Hails Success Of Gold Coin Issuance - Lower Denominations Coming
 [ZERO] Declaring its July launch of one-ounce gold coins a success, Zimbabwe's central bank says it will begin issuing and selling coins in smaller gold denominations this fall. "Following the successful launch of the gold coins on 25 July 2022 and in response to public demand, the bank shall introduce and release into the market gold coins in units of a tenth ounce, quarter ounce and half an ounce for sale with effect from mid-November 2022," Reserve Bank of Zimbabwe governor John Mangudya said this week. The coins, which can be purchased from approved banks, were introduced to combat rampant inflation driven by locals exchanging Zimbabwean dollars for US dollars. In July, Zimbabwe's price inflation rate was over 250%. The coins have "liquid asset status," according to the Zimbabwe central bank. That is, they're "capable of being easily converted to cash and [are] tradable locally and internationally...[and] may also be used for transactional purposes." However, with one-ounce coins currently worth about $1,800, they're out of reach for typical citizens. The average civil servant in the country makes just $2,600 a year, according to the BBC. The one-ounce coins are called "Mosi-oa-Tunya." That's the Tonga-language name for Victoria Falls, and translates to "The Smoke Which Thunders." When sold by banks, they're priced at the world price of gold plus a 5% minting and distribution fee. Related: Zimbabwe: 2022-07-30 UN Official Investigating Israel: ‘Jewish Lobby' Controls Social Media' Zimbabwe: 2022-05-21 UN expert slammed over $275,900 contribution from China Zimbabwe: 2022-05-09 Liz Cheney Aided in GOP Primary by Ad Agency Linked to Biden, BLM, Planned Parenthood Posted by: Besoeker 2022-08-16 |
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