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Ex-Deputy Prime Minister Mutambara: RBZ Gold Coins A Self-Enrichment Scheme For Elites

Ex-Deputy Prime Minister Mutambara: RBZ Gold Coins A Self-Enrichment Scheme For Elites

Former Deputy Prime Minister Arthur Mutambara has trashed the Reserve Bank of Zimbabwe’s (RBZ) Mosi-oa-Tunya gold coins initiative, supposedly meant to ease inflation, as nothing other than a “shameful opportunity for the elite to loot.”

The RBZ introduced gold coins which economist Prosper Chitambara says are a government’s attempt at moderating the very high demand for the United States dollar (USD). 

Posting on Twitter, Mutambara said:

Gold Coin: A Self-Enrichment Scheme for the Elites

Take your USD to the parallel market and get RTGS at, say, 1 USD to 950. Buy gold coins in RTGS at 1 USD to 441 (gold coin exchange rate) and make a profit of more than 100%.

The Gold Coin arbitrage. This is common sense. Gold Coin & the Elites. It gets worse!

For the elites; you take your RTGS to the RBZ and buy USD at the auction rate, say 320. You take this ill-gotten USD to the parallel market and buy RTGS at 950.

That is a profit of 200% Then go and buy your gold coins at 100% profit. From 10K USD to 60K USD (With no Production).

500% Profit for the Elites. Take 10k USD to the parallel market and buy RTGS at 950. Go to the RBZ & buy USD at 320 (auction rate).  Go back to the parallel market & buy RTGS at 950. 

Buy gold coins & pay in RTGS. It is shameful.

The central bank chief, Dr John Panonetsa Mangudya Monday launched 2 000 Mosi-oa-Tunya gold coins with a value of US$1 824 each, to provide “an alternative store of value.”

The figure is equivalent to ZW$805 745.35 for each.

Mutambara was Zimbabwe’s Deputy Prime Minister during the Government of National Unity (GNU), between 2009 and 2013 when the country realised considerable economic development.

Pindula News

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Biticon 2 months ago

Anyone with money to spare can do the deals.You don't have to be connected to anyone.

Angry 2 months ago

@Biticon unozikanwa kuRBZ ere

Wegokwe 2 months ago

Clap hands for yourself to a foolish comment!!!! ,Mutambara didnt connection but he is pin pointing that elites have capacity to buy from rbz easily and if anyone has money of coz he or she can use those with capacity to buy from rbz

Gukurahundi 2 months ago

Chengetai mausa enyu Gold Coins nonsense mazimbavha

Imwe Mbeu 2 months ago

Ko ndanzwa kuti Mai Teatea varikutsvaga murume ka, I think inongova lease ye 3 to 6 months

the Zebra 2 months ago

kungodenderedza mari and above


Apa musharukwa Mutambara is spot on its going to get worse.

dispenser 2 months ago

store of value on the loot .come 2023 ,we can't afford another episode of poverty like this


Chimboti Pizza 2 months ago

Haiwawo zvanaMutambara hazvitedzerwe, hapana cheZANU chaanotiwo ichi chiri right

MuPfungwe Chaiye 2 months ago

Kana pasina zvayaita hapana. Zero i0

fun time 2 months ago

Prof Mutambara should have exhausted all the means by which the elite will continue to benefit given that the coins will only be exchanged for cash after 180 days by which time the cycle of arbitrage would have collapsed or morphed into another dimension which requires some kind of ingenuity to restart if and only if the rbz allows it to develop.

jongwe 2 months ago

despite the issue of redeeming the gold coins,he has mentioned the issue of auction system,where there is day light robbery

Anony 2 months ago

Thats too much profit for the elite umm 500%

Shame 2 months ago

Check ZBC ED has resigned over Mutami rape charges pakaipa

Ras Tiraz 2 months ago

ukayanyarara haunzi haupo

Ini zvangu 2 months ago

Iwe Shame, haikona kutinyemudza News chaidzo. Tipe ma V11

@shame 2 months ago

Wanga wavata nguvai kurota hope dzakadero

Open View 2 months ago

ls that a joke??

WeGokwe 2 months ago

haurevi nhema Mutambara

Cnc 2 months ago

Vapfana pindula inokupengesai munosenza iyemi 24 7 pafree news vapfana be 666 itai order pachapinda Ed muchasvava **** off

Decepti-Coin 2 months ago

Ummmm, nhai Arthur, bhoo here wangu? Ko wakuda kudhakisa chidhiri makuseni soo chiiko newe nhai?

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