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*Biti Says RBZ Bought Gold Coins For US$18m, Sold Them At US$10m* *Follow Pindula on WhatsApp for daily new updates* https://whatsapp.com/channel/0029Va84dngJP21B2nWeyM3v?fc Former Finance Minister Tendai Biti has said the Reserve Bank of Zimbabwe (RBZ)’s Mosi-oa-Tunya Gold Coins are a new form of arbitrage and looting from the public to enrich cartels. He claims that the central bank bought gold coins for about US$18 million and sold them for about US$10 million using a discount rate of about 300% which is below the market rate creating an arbitrage. ---------- *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) $93* Cash on Delivery in Harare & Bulawayo. Tinotumira kwamuri inosvika. WhatsApp: 0️⃣7️⃣8️⃣3️⃣ 4️⃣5️⃣0️⃣ 7️⃣9️⃣3️⃣ ---------- Arbitrage is the simultaneous purchase and sale of an asset in different markets to exploit tiny differences in their prices. We present Biti’s Twitter thread below: > The auction system continues to be vehicle of arbitrage&rent behaviour. Rigged rate of 1:621 still lags behind market rate of 1:750. There is no answer except corruption as to why there is no free float of ZW$ Significantly allocations are decreasing to US$11m from highs of $50 m > The obvious deceleration of activity on the auction is explained by the increased energy in gold coins production. Gold coins are new form of arbitrage & looting. A bank heist serving to transfer resources from public coffers to cartels. As of 22 Sept 9516 coins sold for ZWL$9 b > Gold coins are being sold in local currency at a discounted rate that is 300% below market thus creating arbitrage This explains why 95 % of purchases are in ZWL$. The @ReserveBankZIM has spend roughly US$ 18m in buying 9516 coins which it has sold at around US$10m. This is THEFT. > For a country without any reserves to back its currency¤t account gold coins are zany The suggestion that they are containing inflation is also fiction. Official inflation figures remain above 280%. We restate that this economy needs genuine structural reforms not mascara > We restate that the solutions are simple, dollarize, float the ZW$, remove export surrender requirements, pay workers US$, restore pensions, deal with corruption, pursue fiscal consolidation. Fund social services. Above all attend to POLITICAL REFORMS & allow a free&fair election. The gold coins were introduced on the 25 of July 2022 with multi-dimensional objectives, including clearing excess liquidity which was considered a factor behind the freefall of the local currency. *Pindula News* _If you found this article useful_ *Please support Pindula by forwarding to friends and groups*
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