News
Market
Jobs
About
Contact
List Product
Register
Login
Generate
WhatsApp Message
*Ex-Deputy Prime Minister Mutambara: RBZ Gold Coins A Self-Enrichment Scheme For Elites* *Follow Pindula on WhatsApp for daily new updates* https://whatsapp.com/channel/0029Va84dngJP21B2nWeyM3v?ky 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). ---------- *HOT DEALS:* *itel A70 - (128GB, 3GB RAM) $89,* *itel A70 - (256GB, 4GB RAM) $99* *itel P40 (128GB, 4GB), (6000mAh) $99* *itel P40 (64GB, 4G), (6000mAh) $93* *LATEST: itel S24 (128) $124; S24 (256GB) $159* Cash on Delivery in Harare & Bulawayo. Tinotumira kwamuri inosvika. WhatsApp: 0️⃣7️⃣8️⃣3️⃣ 4️⃣5️⃣0️⃣ 7️⃣9️⃣3️⃣ ---------- 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* _If you found this article useful_ *Please support Pindula by forwarding to friends and groups*
Copy to clipboard
Give us Feedback
Full Name
WhatsApp Number
Feedback
Submit
Feedback