The Zimbabwean public will be able to purchase the gold coins 'at a price based on the prevailing international price of gold and the cost of production.' goldprice storeofvalue
Starting on July 25, the Zimbabwean public will be able to buy and hold gold coins which weigh one troy ounce each. In addition to their use as an alternative store of value, the central bank says the coins can be traded and used as “security for loans and credit facilities.”Just a few weeks after revealing its plans to roll out gold coins, the Reserve Bank of Zimbabwe released a statement on July 4 advising “the public of the salient features and characteristics of the gold coin.
The sale of the coins is expected to commence on July 25 and buyers will be able to purchase the coins using local currency or USD, the RBZ said. The gold coins, which have been named Mosi-Oa-Tunya , weigh one troy ounce or approximately 31.10 grams. Each coin has a purity of 22 carats and is assigned a serial number for identification purposes, the statement said.
In addition to having a prescribed asset status, the gold coins will be “used as security for loans and credit facilities.” There is also a buy-back arrangement should the holder decide to liquidate the coin, the RBZ said.
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