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RBZ Guidelines For The Purchase Of The Mosi-OA-Tunya Gold Coin

RBZ Guidelines For The Purchase Of The Mosi-OA-Tunya Gold Coin

The Reserve Bank of Zimbabwe (RBZ) has issued guidelines on how the Mosi-oa-Tunya gold coins can be purchased. They are set to be introduced on the 25th of this July. In a notice seen by Pindula News, the central bank said the gold coins shall be sold at the prevailing international price of gold plus 5% to cover the cost of production and distribution of the coin on a Payment vs Delivery basis. Reads the notice:

GUIDELINES FOR THE PURCHASE OF THE MOSI-OA-TUNYA GOLD COIN

JULY 2022

Exchange Control Directive RX 20 (dated 18 July 2022) issued in terms of Section 35 (1) of the Exchange Control Regulations, Statutory Instrument 109 of 1996

1. INTRODUCTION

1.1 Pursuant to the Press Statement of 4 July 2022, announced by the Governor on the introduction of the Mosi-oa-Tunya gold coins, the following terms and conditions shall apply.

2. SPECIFICATIONS OF THE MOSI-OA-TUNYA GOLD COIN

2.1 The gold coin shall have the following specifications: –

i. Denomination 1 Oz, for the time being
ii. Material Gold
iii. Purity 22 carats (91.67%)
iv. Diameter 32 mm
v. Weight 33.93g
vi. Shape Round
vii. Edge Type Reeded with serial number engraved
viii. Quality Proof
ix. Thickness 2.63mm.

3. QUALITIES OF THE MOSI-OA-TUNYA GOLD COIN

3.1 The gold coin shall have the following qualities;

i. Liquid Asset Status
ii. Prescribed Asset Status
iii. Collateral Acceptability
iv. Tradable
v. Serial numbering
vi. Central Bank buy-back when required by the holder of the gold coin.

4. SELLING PROCEDURES

4.1 The Bank will appoint agents that include Authorised Dealers (banks), its subsidiaries and foreign banks that will be responsible for selling the gold coins on its behalf.

4.2 All sales of the gold coin by the agents will be subject to normal Know Your Customer (KYC) principles in line with international best practice, which include declaration of the source of funds (see Annexure 1— Indicative KYC Documents that may be requested by Agents).

4.3 The gold coins shall be sold at prevailing international price of gold plus 5% to cover the cost of production and distribution of the coin on a Payment vs Delivery basis.

4.4 The Bank shall publish the Mosi-oa-Tunya gold coin price by 0800 hours daily, which shall be based on the previous day’s London Bullion Market Association (LBMA) PM Fix plus the cost of producing the coin.

4.5 The Mosi-oa-Tunya gold coins shall be sold with an accompanying bearer certificate with security features.

4.6 Agents shall sell the Mosi-oa-Tunya gold coins in both local currency (ZWL) and United States Dollars (US$) and other tradable/denominated foreign currencies at the willing-buyer willing-seller exchange rate. Denominated currencies for the purpose of buying gold coins will include the British Pound, the Euro, Australian Dollar, Botswana Pula and Rand.

4.7 Upon receipt of the purchase price from the gold coin buyers, the Agent shall transfer to the Reserve Bank within 24 hours, the amounts received from purchasers in the currencies of purchase.

4.8 The following selling arrangements shall apply for different buyers:-

i. Domestic buyers including individuals may buy in local currency or foreign currency;

ii. Domestic corporates including institutional investors will be allowed to buy gold coins in local currency or foreign currency, subject to quantity restrictions where it is deemed necessary;

iii. Exporting entities shall buy Mosi-oa-Tunya gold coins in foreign currency, from their retained export portions. Notwithstanding this requirement, exporters whose annual export receipts in 2021 were less than US$1 million, shall require a specific Exchange Control approval to be permitted to utilise a portion of their surrender portion that is payable in local currency, to purchase the gold coins;

iv. Local banking institutions shall not be allowed to buy Mosi-oa-Tunya gold coins for own portfolios up until such a time as the Reserve Bank may grant the permission. Thus for the time being, banks can only receive the coins from the Reserve Bank for onward selling to their customers on behalf of the Reserve Bank; and

v. Non-resident (international) buyers shall only buy the Mosi-oa-Tunya gold coins in denominated foreign currencies.

5. OWNERSHIP OF THE GOLD COINS

5.1 Once payment has been received by the Agent through normal banking channels, a buyer of the gold coin is allowed to take physical possession and ownership of the gold coin or opt to keep the gold coin through a registered bank (custodial services) on terms and conditions of the service provider.

6. OPTIONAL BUYBACK OF MOSI-OA-TUNYA GOLD COINS (COIN REDEMPTION)

6.1 At the discretion of the holder of the gold coin, the Bank or its Agents will buy back the Mosi-oa-Tunya gold coins after a vesting period of 180 days in line with the need to promote a savings culture in the country.

6.2 All gold coins purchases by the Bank or its Agents shall require the submission of the original bearer certificate’ for the specific coin. Coins shall be purchased at the prevailing international price of gold on spot basis.

6.3 On redemption, both residents and non-residents (international buyers), will have the option to be paid in US Dollars (US$) or Zimbabwe Dollars (ZWL) depending on their choice.

6.4 KYC principles will also be applied on all purchases by the Bank.

7. EXPORT OF THE MOSI-OA-TUNYA GOLD COINS

7.1 Residents and non-residents (international buyers) shall be allowed to take out (export) Mosi-oa-Tunya gold coins supported by the bearer certificate for each coin.

8. GOLD COIN DISBURSEMENT TO AGENTS/BANKS BY THE RBZ

8.1 Disbursements of gold coins to agents of the Bank shall be determined by the rating and size of the agent, as well as the demand and supply of gold coins.

8.2 Agents are expected to provide daily returns to the Bank for monitoring and compliance. The relevant templates shall be provided to the appointed Agents.

‘ Security features of the bearer certificate and gold coin will be published for the information of the public.

Pindula News

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53 Comments

User 3 weeks ago

Waiting for comments from Pindula economists.
English is not friendly


MuPfungwe Chaiye 3 weeks ago

🤣🤣🤣🤣🤣🤣🤣

Iweka 3 weeks ago

Kkkkkk

Putin 3 weeks ago

non-residents (international buyers), will have the option to be paid in US Dollars (US$) or Zimbabwe Dollars (ZWL) depending on their choice.
Kkkk after 180 days... Who would accept accept ZWL.....
This is a looting spree by the elites they have found a way to **** there ZWL buy buying coins then sell them back for USD


Cde Guramatandama****marefu 3 weeks ago

So You buy Gold Coins in USA as a store of value. Meaning when i need money, i have to go back to the bank and sell some of my coins and get what ❓. USA or Bond..❓. How will be bank charges and other transactions fees calculated ❓. How will be the balance of my account reflect monthly ❓.


Gafa 3 weeks ago

Dununu rega ndorinotenga chikodoro ichocho kkkkkk 180days MuZimbabwe without access to yo money.Ndezve mbinga dziya.Vana Chimboti Pizza nana Sonboy huyai tiyambirane pano paPendula guyz


Zuze 3 weeks ago

Kana ndine USDollars 2 thousand ndongotenga hangu Honda Shīt yangu ndoisa paRoad. Not only do I preserve value, but its better investment than Coin which isn't guaranteed to appreciate. In 6 months, I am likely to get another $2,000 to re-invest.

So my friend @Chimodho keep your Gold Coin and o keep my USDollar.

Chimboti Pizza 3 weeks ago

Ko kana mari yako uchida kuishandisa after six months? Besides no one said this is an investment anyway, it's storing value

Handizi John Chibadura 3 weeks ago

There's is no 2 or 3 day investment. Investments take time to return. This one is just securing your money against inflation plus stability. The guys vanonyatsoziva mari they know kuti money is made to work not saved.

Observer 3 weeks ago

The way I see it, it is not a good investment. The USD has got stronger and the gold price has lost a few dollars in the last couple of days. 53 => 50 /22k.


Chimboti Pizza 3 weeks ago

@Observer be careful what you say. Anual inflation yeUSD iri pa9.1% right now, gold harisati rambodzika value neOver 3% in the last 10 years

Handizi John Chibadura 3 weeks ago

This is just giving money laundering a platform. Besides how many 'average citizens" can afford the current coins???. Vanonyatsoziva economics dzavo nehumbavha nemutemo will probably (preferably) buy in ZWL and sell in USD(by demand).


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SC 3 weeks ago

kkkkkkkkk is this permanent or temporary? is this S.I Zimbabwe the new normal?


Jongwe 3 weeks ago

From my own point of view,this is naive is sense because how can you say +5% to cater for cost of production as well as delivery cost ,what if the market price of gold falls or rise in the future (are you not promoting bullish and bear kind of speculation),l will expect the price of gold to fall in the near future ,then dispose off them to the bank or agent.or expect the price to rise and buy them now when they are cheap ,and sell them later when there is a prise increase,,speculation tendency ..but the +5% is day light robbery


Cde Guramatandama****marefu 3 weeks ago

After 180 days will be done in collecting enough USD that you are hiding under you mattresses. So we can bring another strategy


Jah🇿🇼Tsvarie-07 3 weeks ago

Zvemu Zimbabwe kungoverenga womirira coz with time uchanzwa those same people vaisvoropodza vakutaura makoshero akaita Gold coin 😂

Ndichamuyeuchidza gore risati rapera ndasangana nevanenge vopoza nema Gold coin.
Rinonzi Zimbaremabwe nevanhu varo...


citizen 3 weeks ago

chii chakanaka chakabva ku zanu? kupererwa chaiko. Very soon this confused system of running the country will be over. Time is ticking away for these looters who are busy fattening their pockets in preparation for their expiry come 2023. NGAAPINDE HAKE MUKOMANA. CCC WILL BRING EASY OF DOING BUSINESS . VOTE CCC for a better life, better money, democracy, aaa pasina persecution


??? 3 weeks ago

maZimba ndeekutenderedza Mari kwete kuchengeta for 6months, chatirikuda it's a stable rate kuti Mari itenderedzeke mushe, kwete makodoro ekupfuya ayo


Investor 3 weeks ago

So when I buy my store of value as a hedge against inflation it will automatically inflate 5% so how is it not a store of loss when I sell it at the prevailing 22k gold price.


???? 3 weeks ago

= - $


sugar boy 3 weeks ago

makubirwa Mari manji nana am bwa vaye . hapana chinobuda chine musoro


mdara bondnote 3 weeks ago

ukangoona mu equation macho mangoita Zim dollar chete wotoziva kuti policy iyoyo yakadhakwa. Izvi hazvimboda ma economists bcoz record yeku operater kwe Zim dollar munyika muno munhu wese anoiziva😭😭😭


Mutuvi Ncube 3 weeks ago

it will not work


Mutuvi Ncub e 3 weeks ago

it will not work


chief Nemauyu 3 weeks ago

David Livingstone must be laughing in his grave. Mosi Oa Tunya gold coins. -+5% treasure of value.


dispenser 3 weeks ago

Gold coin haridi kutengwa ne foreign currency . Only Rtgs wobva wazvaga foreign currency naro .


Gafa 3 weeks ago

Vasina hope dzamasikati vanoziva kuti economics dzeZanu ndodzoku bleeder murombo chete uyo anofunga anything new and viable will emerge fro Zanu pf after 42yrs.Chero uchifailer exam chirega 42yrs keeping on trying nnatisvinurei maZimba.Gono aasvik kungosiya achingo addreser ma monertary policy.Ndozviri kuitwa naMangundya.Biti makambomunzwa achiwawata paTV ari F Minister.Wake up mhani


Oskid 3 weeks ago

Dofo rongorohwa ne same chidobi thru and thru kkkkkkk Regai Jenarari vati ndoda kumbonzwawo kuti maZimba anonaka sei kutonga


⚪🎱 3 weeks ago

Itori gang gang gang rape

dispenser 3 weeks ago

Mabond ndiwo anoshandiswa kutenga ma gold coins.Then kwava kutsvaga foreign currency uchishandisa gold coins


Blue 💙 3 weeks ago

If you wanna use Zim dollar, then you'll become an agent for increasing it's demand and hence it's value

Zuze 3 weeks ago

@Chimodho amuka nhasi.
Hehehehede... uuuuriiiii.....
To support another ZANU experiment.
What happened to your support of the dead RTGS?


Rodrick 3 weeks ago

What happens if one loses the coin and someone picks it up?


MuPfungwe Chaiye 3 weeks ago

Me, am not worried about that gold coin or how it works bcoz handitorina mari inokwana kutenga kacoin ikako saka ndoteteredzerekei musoro nezvisiri mumaoko angu


Henri 3 weeks ago

Will gold coins have serial numbers i wonder


chief Nemauyu 3 weeks ago

Mosi Oa Tunya gold coins. The coin that thunders and loses value.


OG 3 weeks ago

Ikozvino ndangwara ndadzwa nekubirwa neZanu this tyme haulume kkk vote CCC


@ chimboti pizza ma psychiatrist akatokutadzirira 3 weeks ago

wakatza rehabilitation


Blue 💙 3 weeks ago

There was this **** who deemed himself soo knowledgeable, misinforming people, telling them you won't get physical possession of your coin. I believe he called himself Anonymous. Shame will kill you.


Truth 3 weeks ago

these coins where just created for the elite for their own betterment and to keep their positions and continue to abuse and segregate the lower class



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