Zimbabwe to sell smaller gold coins

The Reserve Bank of Zimbabwe (RBZ) is planning to sell smaller gold coins starting from November to cater for low-income earners.
The Herald quoted the central bank governor John Magudya as saying that the small gold coins will contain 3,11 g of gold, which will cost $188, 48.
RBZ recently introduced coins weighing 33.93g for $1,823.80 or ZW$805,745.35 plus 5% to cover the cost of production and distribution.
Buyers are required to hold them for at least 180 days before selling.
On redemption, both residents and non-residents will have the option to be paid in U.S. or Zimbabwe dollars.
Mangudya said in his monetary policy statement last week that 4475 gold coins had been sold as of 10 August 2022 realising ZW$3.7 billion of which 90% was paid in local currency and the balance in foreign currency.
“The high demand for the gold coins will assist in mopping up liquidity from the market and thus strengthen the demand and enhance the value of the local currency,” he said. 
“The bank shall continue to release additional gold coins into the market on an ongoing basis in line with demand.”

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished