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Sunday, 14th August 2022
3:07:24am

The Reserve Bank of Zimbabwe (RBZ) started selling gold coins on Monday to individuals and institutional buyers.

A coin was selling for $1,823.80 or ZW$805,745.35 plus 5% to cover the cost of production and distribution.

The price is based on the prevailing international price of gold.

The central bank said buyers will be required to hold them for at least 180 days before selling.

Exporters earning less than $1 million will be allowed to use the surrender portion of their earnings to acquire the coins in foreign currency.

On redemption, both residents and non-residents will have the option to be paid in U.S. or Zimbabwe dollars.

The coins were introduced into the market as a store of value as inflation continues to rise.

The country’s annual inflation reached about 192% in June, according to official figures.

However, American scholar Steve Hanke of Johns Hopkins University said Zimbabwe's annual inflation was now 426%, making it the highest in the world.

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