Following a successful debut launch of 1,500 gold coins in late July, the Reserve Bank of Zimbabwe (RBZ) reports that an additional batch is now available for purchase.
On July 25, RBZ introduced the Mosi-Oa-Tunya coins to lessen the demand for dollars as a store of value following the collapse of the Zimbabwean dollar.
Compared to the US dollar this year, the Zim dollar has lost more than two-thirds of its value.
The coins are expected to reduce annual inflation, which reached 257 per cent in late July.
Individual and institutional buyers loved the coins.
“A total (of) 1,500 gold coins were sold by the bank’s agents during the first week of their release into the market, with 85 percent having been bought in local currency and the balance of 15 per cent in foreign currency,” said John Mangudya, the central bank’s governor.
An additional 2,000 gold coins hit the market on Monday.
The 22-carat coin is now selling for 1,841 U.S. dollars, slightly up from its debut price of 1,823 on July 25.
Their high cost is a concern to some observers who say the coins are elitist and excluded low-income citizens.
The daily price of the gold coins is announced by the RBZ every morning based on the previous day’s London Bullion Market Association gold price, plus five per cent to cover production and distribution costs.
The gold coins are being sold through the RBZ and its subsidiaries, Fidelity Gold Refinery and Aurex, local banks and selected international banking partners.
