RBZ halts gold coin sales
STAFF WRITER
The Reserve Bank of Zimbabwe (RBZ) has suspended the sale of gold coins with immediate effect, following the completion of a final clearance exercise to dispose of remaining inventory, including previously redeemed coins.
The move was revealed by RBZ Governor Dr John Mushayavanhu this week, clarifying that the latest sales were not part of a renewed minting programme but a one-off exercise to offload the last of the coins in stock.
“The Reserve Bank of Zimbabwe wishes to advise the transacting public that the mop-up sale of gold coins has been suspended, with immediate effect, following the successful completion of the exercise,” Dr Mushayavanhu said.
He emphasised that no new coins had been minted, and the sales were limited to residual stock.
“This was a sale meant to clear the remaining stock and not the minting of new gold coins, which was suspended in April 2024. The latest round of gold coin sales also included coins that had been redeemed by holders,” he said.
Although the sale window has now closed, gold coins already in the market remain valid investment instruments. The central bank confirmed that they remain tradable and redeemable through formal financial institutions.
“Future gold coin sales will only resume once a sizeable quantity is recovered through redemptions. Investors are advised that gold coins in the market remain tradable and redeemable,” said Dr Mushayavanhu.
Launched in July 2022, the gold coin initiative was introduced as a store of value and part of the RBZ’s strategy to absorb excess liquidity, stabilise the local currency, and provide a hedge against inflation. The coins, issued in various denominations, were priced based on the prevailing international gold price plus a modest administrative margin.
The initiative gained significant traction among corporates and individuals seeking protection from exchange rate volatility. However, the central bank suspended the minting of new gold coins in April 2024 following the introduction of the Zimbabwe Gold (ZiG) currency — a structured unit backed by reserves including gold and foreign currency.
Dr Mushayavanhu reaffirmed the RBZ’s commitment to offering a range of alternative investment options aligned with its monetary policy objectives.
“The Reserve Bank of Zimbabwe would like to take this opportunity to reaffirm its commitment to continuously avail alternative financial market instruments to promote savings, as well as achieve its monetary policy objectives,” he said.
With gold coin sales now paused, the RBZ is expected to intensify its focus on other tools such as gold-backed digital tokens and open market operations as it seeks to deepen financial markets and entrench stability under the ZiG regime.
