News / National
RBZ suspends mop-up gold coin sales
6 hrs ago | Views
The Reserve Bank of Zimbabwe (RBZ) has announced the immediate suspension of its mop-up sale of gold coins following the successful conclusion of the clearance exercise.
In a statement issued by RBZ Governor Dr. John Mushayavanhu, the central bank clarified that the recently concluded sales were part of a strategy to offload remaining stock - including coins that had been redeemed by holders - and not part of a new minting process. The minting of new gold coins was officially suspended in April 2024.
"The latest round of gold coin sales was strictly a mop-up exercise and did not involve the production of new coins," Dr. Mushayavanhu said. "Future gold coin sales will only resume once a significant volume is accumulated through redemptions."
Despite the suspension, the RBZ emphasized that gold coins currently in circulation remain valid, tradable, and redeemable, providing continued value for investors who hold them.
The central bank also took the opportunity to reaffirm its commitment to introducing and maintaining alternative financial market instruments designed to promote savings and support the country's monetary policy objectives.
Gold coins were introduced by the RBZ in 2022 as part of broader efforts to provide a stable store of value and hedge against inflation. Their rollout was widely welcomed by investors amid currency volatility and rising inflation.
The suspension of the mop-up sales marks the latest move in the RBZ's evolving financial strategy under new leadership, aimed at stabilizing the market while providing avenues for investment.
In a statement issued by RBZ Governor Dr. John Mushayavanhu, the central bank clarified that the recently concluded sales were part of a strategy to offload remaining stock - including coins that had been redeemed by holders - and not part of a new minting process. The minting of new gold coins was officially suspended in April 2024.
"The latest round of gold coin sales was strictly a mop-up exercise and did not involve the production of new coins," Dr. Mushayavanhu said. "Future gold coin sales will only resume once a significant volume is accumulated through redemptions."
The central bank also took the opportunity to reaffirm its commitment to introducing and maintaining alternative financial market instruments designed to promote savings and support the country's monetary policy objectives.
Gold coins were introduced by the RBZ in 2022 as part of broader efforts to provide a stable store of value and hedge against inflation. Their rollout was widely welcomed by investors amid currency volatility and rising inflation.
The suspension of the mop-up sales marks the latest move in the RBZ's evolving financial strategy under new leadership, aimed at stabilizing the market while providing avenues for investment.
Source - byo24news
