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Zimbabwe Reiterates Plans To Introduce Smaller Gold Coin Denominations

Zimbabwe Reiterates Plans To Introduce Smaller Gold Coin Denominations

The Government has reiterated plans to introduce smaller gold coin denominations in a bid to make them accessible to people from all walks of life.

The Reserve Bank of Zimbabwe introduced the Mosi-oa-Tunya gold coins on the 25th of July as part of a raft of measures meant to stabilise the economy and quench the appetite for foreign currency as a store of value.

Speaking to Sunday News in an exclusive interview Saturday, the Minister of Finance and Economic Development, Professor Mthuli Ncube, said the demand for gold coins has been very high. He said:

We are happy with the uptake of the gold coin and we so far sold in excess of Z$8 billion since their introduction. Many people are happy with hedging their investments against the gold coins instead of holding onto cash as they have been doing in the past. We are now looking at introducing a smaller denomination to make these gold coins more inclusive across the entire Zimbabwean population. We want every Zimbabwean not to be left behind in our efforts to manage our economy. Every Zimbabwean will be afforded a chance to acquire these gold coins.

Prof Ncube also spoke about the need to maintain the 200 per cent bank interest rate as well as measures that were put in place by Government to stabilise the local currency.

He also said the expected rate of economic growth for this year has been reviewed from 5.5 per cent to 4.6 per cent.

Prof Ncube said the Government was happy with the uptake of gold coins.

He said Zimbabweans had been largely shunning the local dollar in favour of the US dollar, which is acceptable abroad and better at holding value long term.

Previously, RBZ Governor Dr John Mangudya said smaller gold coins are expected to go on sale in November so that ordinary people can invest in them and store value for their local currency.

Pindula News

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ED Shweeee 4 months ago

Panonetsa naMuthuvi pamberi ne economic experiment No. 3. You may get it right this time. But please chopaz, erection yaapadyo iyi

Maparamuro 4 months ago

Mtuli Ncube chpzikamwa hapana

;,,,,dott 4 months ago

Goon waive nane

blue 4 months ago

bvisai Panonetsa na Mthuli Ncube moisa Gudo kana kusiya pasina munhu

The Adjudicator 4 months ago

bvisai bhinya iriro vana vnopera kurapiwa vote CCC come 2023

ba Jukwa 4 months ago

Zanu yakaenda naMugabe akasara mbavha rpist murders and abductors

Zuze 4 months ago

Jojo, unodzingwa basa ukatanga kutaura zvaGushungwe. Wakanganwa 2014.

Stop it George!

Jonathan Nathaniel Nathaniel Moyo 4 months ago

@ Maparamuro.,,,,dott. blue tokuzivai hamusi veZanu tichakudzingai kumusangano we ZANU zvomoita izvi muchasenga nyika soon

Sixpence 4 months ago

Ko iwe wakadzorwa nani kumusangano? Munhu akaszingwa haagone kudzinga vamwe. Ibva wati shoyoyo uri ikoko kunze ikoko.

Musoro unenge bhemba sewaMadhuku


factos 4 months ago

better use gold coins to be our local currency

make everyone earn it to their salaries then
you ll quick solve economic challenges

Bindula 4 months ago

These economic challenges are not because of a weak currency only as you might be thinking. So making gold coins a currency will not work. Besides the fact they will be melted and smuggled to other countries.

Our economic challenges are as a result, like you clearly stated, of mediocre economic performance and policies plus governance.
Economics itself is the effective management of a society and its resources.

Mining: Yes we have the minerals needed for the modern world etc, but are we using them to better our country.? No.
Agriculture: The fact that we rely on agriculture as a nation dooms us on the basis of our farmers not meeting national demand and surplus to export. Couple that with a drought and you have a country begging to the donor world and the chinese.

Have you ever looked at our bill of trade? We import more than what we export.

Governance: The relevant ministries responsible for our economic development are run by irresponsible individuals. They introduce unwanted policies, they are corrupt and the general populace doesn't trust them.

Politics and Economics: These two don't mix but at the end of the day thats the order of the day in Zimbabwe. If zanu allowed a more conducive economic environment we would have investors coming into the countries( not these chinese looters).

My point now is, you cannot put the points mentioned above behind a currency, it will not perform. Look at any currency that is performing exceptionally well and study their economic policies. Don't stray far look at Botswana ( a country with deserts and less farming land), Zambia, maybe South Africa and Egypt

@factos 4 months ago

Mari inoda chinhu chinoita iite value like zvataurwa na Bindula. Couldn't add more or less

unkle263 4 months ago

ED on ryt path. he should carry on pakasiiwa naMammar Gaddafi, he wanted Africa to use one Currency K.A, Gold Coins.come 2030 the whole Africa will go for these Zim coins. so much positive

review committee 4 months ago

ko kungorara kana usina comment

Zuze 4 months ago

@review committee, nzwiraiwo ankeli tsitsi, ajaira kutongwa nedemo. Akasarohwa haagone kurara. Kufarira mhondi yakaita saQhaddafi aasingagone kunyora zita rake chairo. Kufunga kuti Gold Coin inoita mari Pepsi rose kubvotomoka kweanwa Kitoko. South Africa zvayakabutitsa Krugerrand yakaregererei kushandisa Rand?

Akaroiwa neakafa, dai ari mupenyu aimunzwira ngoni.

Ma1 4 months ago

I will wait till the gold coins sold so far matures and people get their money at real value

unkle263 4 months ago

@zuze Gaddafi was much much beta than vamwe vese avo. he made Libya great. his pipo loved him. munhu wese aitambira asingaende kubasa, kuvakirwa dzimba mahara but only to be killed by Americans bcoz he refused to be their puppet. yu know Libya ine Oil yakawandisa ,so pane oiri ma1 iHondo chete

unkle263 4 months ago

@zuze Gaddafi was much much beta than avo verse. he made Libya great. his pipo loved him. kutambiriswa vasingashande, kuvakirwa dzimba mahara. only to be killed nema Americans coz he refused to be their puppet ± oil. pane oiri iHondo dzega dzega..ndiye akatanga nema Gold coins aya.
so fo Libya & Africa he is hero.

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