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IMF Says Gold Coins Are A Missed Chance To Build Zimbabwe's Gold Reserves

IMF Says Gold Coins Are A Missed Chance To Build Zimbabwe's Gold Reserves

The International Monetary Fund (IMF) has said the Zimbabwean gold coins are a missed chance to build the nation’s gold reserves.

The Reserve Bank of Zimbabwe (RBZ) introduced the Mosi-oa-Tunya gold coins on 25 July this year in a bid to curb stabilise the economy and the local currency that was fast shedding value against the United States dollar.

In an emailed response to Bloomberg questions, an IMF spokesperson said:

The sale of gold coins has contributed to withdrawing Zimbabwe dollar liquidity from the market, though it represents an opportunity cost in terms of foregone reserves for the Reserve Bank of Zimbabwe.

The central bank plans to sell smaller denominations of the Mosi-oa-Tunya gold coins, named after Victoria Falls, from November.

The smallest, a tenth of an ounce, will be made available to the public through banks and approved dealers. A regular-size one is selling for $1 755, according to data available Thursday on the central bank’s website.

The government credits the coins for halting the decline in the parallel market rate for the Zimbabwe dollar. That’s allowed it to converge with the official rate, which has plunged more than 80% against the US currency this year.

Gold output in the southern African nation surged 41% in the first eight months of the year to 22,290 kilograms from a year earlier. The country aims to produce 35 tons of bullion in 2022.

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14 Comments

mdara Loli pop 6 days ago

ini izvi handisati ndambonyatso zvinzwisisa ini. Zvine future here? mototibatsirawo ma economists ari pano. Asi chandinoziva ndechekuti nyika yedu ino runwa nema experiments.


The King of Serpents 6 days ago

Pakaipa. Our country should be called Chernobyl, not Zimbabwe.

Kakistocracy🤣Muchakaka 6 days ago

This "gold coin scam" is simply a ploy by "some" to loot and personalise the national gold reserve in a "legitimate" or legalised illegitimate way.

The masses ari KUKAKA will not in any way benefit from this. The same people fueling black market and feeding rtgs mustreet while mopping the yuwesi and stocking it in their ceilings at home are the same people now benefiting from this "gold coin scam". Time will tell that this is truth and a fact.

We need real, national development and economy reviving strategies not these "refined money laundering and gold looting shenanigans" that serve the top political elites and their looting assosiates in and out of our country.

Pasi nevane tuma strategy tweku fleecer nyika ruzhinji RUCHIKAKA nenhamo. Pamberi neGolden Future not gold coins. Pamberi neCCC inotungamirirwa naVaChamisa.


The King of Serpents 6 days ago

Pamberi ne Look West Policy. Zvirinani nditenge a good quality iPhone for 1000 USD, at least ndinoita 5 years ndichishandisa rather than kutenga a cheap Chinese phone for 100 USD, yozofa after 3 months.

Terra Firma 6 days ago

Indaa kusvotwa kunge money changer akaburitswa mu business?
Enda unorima mbambaira

Gwedu 6 days ago

experiment after experiment tanzwa


cde Chipopi 6 days ago

Ndokusakani ndichigara ndichingoti look West policy inopedza ma sports😊😊 two minutes tinenge takutonakirwa muno.


Surprised Onlooker 6 days ago

Only look west policy works for Zim ,bcoz look east we are into it we are seeing what it does

Citizen raPep naChamisa 6 days ago

Oh What happened to Zambia in a year after looking west🤷‍♂️🤷‍♂️Apa they were in debt to China,if 1 year is not a shortcut then i don’t know what it is

Together in Development 6 days ago

There is no shortcut to development.We all have to work hard to get our industries running as before. We need serious investors from both the east and the west.

dambu 6 days ago

zvema experiment hazvishande zvakaramba kudhara


WhiteHead 6 days ago

iwe imf mdidi wakho ,funda ukunaka indaba zakho utshiyane lokweZim ,you have no right to tell us how to manage our beloved country.If Ediot and his friends are destroying the country by doing such ,let them , we'll deal with them next year.


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pk 6 days ago

imf marwadziwaka. 4000 coins dzatokushungurudzayi. hatidi tumapolicies twenyu. tovaka nyika yedu toga


Tickey 6 days ago

Shuwa @pk, tovaka mukuku yedu kuEpaton


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