Gold Coin Sale Success Prompts a Second Offering in Zimbabwe

Zimbabwe’s central bank will offer 2,000 more gold coins to the public, a week after an initial sale saw “favorable uptake.”

A "Mosi-oa-Tunya" gold coin in Harare. 
A “Mosi-oa-Tunya” gold coin in Harare.

Photographer: Jekesai Njikizana/AFP/Getting Images


The bank sold 1,500 gold coins during the first week of their release into the market, Governor John Mangudya said Monday in an emailed statement. They are sold in the local and foreign currencies by banks and approved dealers in the country.

The authorities introduced the so-called Mosi-oa-Tunya coins last month to ease demand for US dollars as a store of value, after a collapse of the Zimbabwe dollar — it has lost more than two-thirds of its value against the greenback this year, spawning annual inflation of 257% in July.

The sale of the coins may boost investor confidence in the local currency. At last month’s sale, 85% of them were bought using Zimbabwe dollars, and the balance in foreign currency, Mangudya said.

The 22-carat coin is selling for $1,841, according to data available Monday on the central bank’s website.

Post published in: Business

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