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Nqobile Bhebhe, Senior Business Reporter

THE Reserve Bank of Zimbabwe (RBZ) says $9 billion worth of Mosi-oa-Tunya gold coins have been sold so far with 35 percent of the 9 516 coins bought by individuals and 65 percent by corporates.

The RBZ introduced the gold coins in July this year to help cushion corporates and individuals from the negative impact of declining cash values and mopping up of large sums of Zimbabwe dollars and sloshing them in some bank accounts of corporates and wealthy individuals.

In a Monetary Policy Committee statement released yesterday, RBZ governor, Dr John Mangudya, said the figures indicate growing confidence in the coins by the market.

“The committee noted, with satisfaction, the improved market confidence and uptake of gold coins as an alternative investment product to holding US$,” he said.

“A total of 9 516 gold coins valued at ZW$9 billion had been sold as at 23 September 2022, with 35 percent having been sold to individuals and 65 percent to corporates, including asset management and insurance entities.”

As of yesterday one gold coin was valued at US$1 725,52 or $1 106 233,58.

Dr John Mangudya

Local banks are, however, temporarily not allowed to buy the gold coins for their own portfolios until the RBZ decides otherwise in line with developments in the economy.

Banks can only receive the coins from the RBZ for onward selling to their customers on behalf of the apex bank. But a lot of ordinary people holding extra cash and keen to invest in gold or preserving the value of some of their savings in gold, have complained that the one-ounce coins are far too expensive and have called for the smaller coins.

In response the RBZ has said that the smallest coin containing just over 3,11g of gold will be introduced in November to the market and would cost US$188,48, or local currency equivalent at the interbank rate.