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RBZ Governor Mangudya Speaks On How Gold Coins Can Benefit Ordinary Zimbabweans

RBZ Governor Mangudya Speaks On How Gold Coins Can Benefit Ordinary Zimbabweans

The Governor of the Reserve Bank of Zimbabwe (RBZ) Dr John Panonetsa Mangudya has said the Mosia-oa-Tunya gold coins which the central bank intends to introduce on the 25th of July 2022 can also benefit ordinary Zimbabweans.

The central bank announced late last month its plans to introduce gold coins into the market as an instrument that will enable investors to store value. 

According to Mandudya, ordinary Zimbabweans will ”benefit because if we don’t go to the parallel market, the parallel market rate stabilises and the ordinary person will benefit more from the stability that these gold coins, all things being equal, will achieve”. He added:

When there is stability, money will have value and result in stable prices.

Economist Dr Prosper Chitambara is quoted by The Herald as saying:

The coins are a noble idea and they offer another avenue for investors to save value as gold rarely goes wrong. It is also interesting that the gold coins will be held for at least six months meaning that those who look to dispose of local currency will definitely reduce money supply.

The Herald cites economic analyst Tinevimbo Shava as saying the coins definitely need to be scarce in order to increase their demand power from both locals and international buyers, which will help in its pricing in the market. Shava added:

As well the bank has done well on the holding period in order to reduce buying and dumping behaviour in the market.

Gold only lost 3 per cent of its peak international price, year on year in 2021, but looking at the 2022 outlook gold seems one of the most attractive investment options amid increased recession expectations and rising global inflation.

This is happening as the Zimbabwean dollar continues to shed value against other currencies both on the formal and informal foreign exchange markets.

Pindula News

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Gwedu 3 weeks ago

Definitely you are using your amateur citizen science bon us. Khama will definitely show up on you, people without people in mind. We don't eat poor roads that you are constructing, we don't eat, mountain that you are offering to Chinese, a Tim for you is in hand,🧻🕝

manzy 3 weeks ago

but these coins it seems an ordinary person can not afford to buy them yet it's us who are suffering and they were meant for us to preserve our savings

Jah🇿🇼Tsvarie-07 3 weeks ago

Now that businesses can sell in Rtgs$ and store value in gold coins it sounds noble.
a big BUT, are business people willing to store value or they simple want change of government???
Cartels are business people that have the power to change a government any which way 🤔 whom do they want to rule? and will be the reason for every season...

Mkanya 2 weeks ago

Another failed project just like bond notes. Anything yu try is going to fail unless you do the right thing politically

Observer 2 weeks ago

The real problem is the shortage of USD that drives the markets not the need to save some gold for 180 days. Businesses need forex.

Chimusoro change 2 weeks ago

No one can trust the Zanupf govt with his or her money even if you can get that gold coin. The only reason these guys are insisting on Z$ is that they want to print and create rtgs for elections campaign

Machiavelli 2 weeks ago

Gono had his Bearer Notes and Agro-Dealer cheque experiment.

Now Panonetsa has his Gold Coin experiment after his failed RTGS experiment.

We await the next experiment while Zimbabweans suffer


Da Truth 2 weeks ago

kombuya VaGire vari Dotito vano benefiter chiii,????ko Takundai ari i Binga ano benefiter sei ????15 million Zimbabweans vano benefiter sei ma economist help drowned in Muthliconomics ?Mangudya is dodging the real bread and butter issues always .He tries so much to hide behind his finger.

Chimboti Pizza 2 weeks ago

@Da Truth, vanobenefitter because gold coin richastabiliser rate. Also problem yekuramba ZWL inopera because macompanies anenge asisatye kuti mari inoloser value since vachikwanisa kuchengetedza value yeZWL ravo by buying gold coins

Da Truth 2 weeks ago

@Chimboti pizza 🍕if the pizza is baked by a baker surely it will taste great.But if the same Pizza is baked by a soldier who knows guns only but was given the right ingredients 😂 to bake he will definitely bake a landmine not a 🍕 pizza . Muthuli and Mangudya are soldiers when it comes to economics .Gono was a brigadier he unleashed a hell of bearer cash Wich exploded before u could buy anything with .

Gafa 2 weeks ago

If we dont go to parallel market....bla bla....ndokupenga ndokwatoenda makatibira mari dzakawanda waunofunga acha truster kukubatisa mari ndiani.Vharai RBZ citizens hev no longer trust in yu.Trust hauiti yokupopera

Oskid 2 weeks ago

@Da Truth you are spot on dai nyika ine ma leaders anoona sewe we shud hev been far ahead of problems but the Pizza type of leaders are at helm hence we are stuck.

Gafa 2 weeks ago

Yaa Pindula commentary box iya yave kundinakidza team mave kutaura with intelligence and moreso objective.Facts after facts its nw a must read to Mthuli and Mangundya

mukomana 2 weeks ago

it's not surprising we will end up buying the gold coins kuma change money black market.njuga dzemuzimbabwe dzinonetsa

Jah🇿🇼Tsvarie-07 2 weeks ago

@Observer 👌🏽 you on point
If banks in Zimbabwe where giving enough forex to business, there wasn't gonna be RBZ auction floor nor Gold Coins because forex will be flowing.

Mines are the only exporters currently with no transparency, industry can't export coz of the 40% return which leaves them with profit or even enough money to purchase raw material 😂

Government is a service that get forex for salaries etc and that doesn't generate forex 🤔

with no profit* 2 weeks ago

ukanyora wakatsamwa 😂

Tshaka 2 weeks ago

Gold coin won't stabilise the Usd since it can be traded in 6 months people need USD for business purposes so if u tell them about 6 months keeping the Gold coin it wont help them

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