Gold coins in high demand, as workers say they are beyond reach

The demand for Zimbabwean gold coins has been overwhelming and banks have been failing to meet by their corporate and individual customers seeking a legal and sensible way of preserving value.

Meanwhile, Zimbabwean workers say gold coins beyond their reach.

Trade unionists from across various sectors say the newly introduced gold coins are way beyond workers’ affordability and will not benefit the average citizen.

The Reserve Bank of Zimbabwe recently released 2,000 gold coins into the market with indications that more coins will be accessed by the public in batches.

Addressing journalists in Harare today, RBZ Governor John Mangudya said, “This is the first batch of 2,000 of Mosi-Oa-Tunya demand.

“Local agents commenced selling the gold coins on an agent basis at the initial price of 1,823.80 per gold coin or in ZWL$805,745.35 using the willing-buyer-willing-seller rate selling rate as at Friday.

Mangudya said the coins can also be purchased in various currencies, including the South African rand, Botswana pula, British pound, Australia dollar and Euro.

“The bank shall publish from the 26th of July, 2022, the Mosi-Oa-Tunya gold coin price by 8:00am on a daily basis, which shall be based on the previous day London Bullion Market Association pm fix, it means afternoon, plus 5% costs to cover the cost of production …” he said.

Zwnews