Zimbabwe’s central bank has released 2,000 gold coins into the market.
It hopes the coins will act as a store of value and reduce demand for US dollars in the country struggling with soaring inflation.
Addressing journalists on Monday, central bank governor John Mangudya said the “Mosi-Oa-Tunya” coin, named after the Victoria Falls, will be available for sale to the public from July 25 for $1,823 each (about R30,439).
“This is the first batch of Mosi-Oa-Tunya gold coins into the market. Local agents commenced selling the gold coins on an agent basis at the initial price of R1,823 using the willing-buyer-willing-seller selling rate as at Friday.
“The coins can also be purchased in different currencies, including the SA rand, Botswana pula, British pound, Australia dollar and euro.
“From July 26 the bank will publish the Mosi-Oa-Tunya gold coin price by 8am daily. It will be based on the previous day’s London Bullion Market Association PM fix (afternoon), plus 5% to cover the cost of production and distribution of the coins.”