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Mosiioa-Tunya: You and the Incoming Gold Coins
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Mosiioa-Tunya: You and the Incoming Gold Coins

What you need to know

• Available from 25 July 2022

• Physical description: One troy ounce, 22 carat solid gold coin with a serial number

• Can only be bought by verified bank customers who pass the KYC standard and are issued Bearer Ownership Certificates

• Tradable locally and internationally but not meant to be used as daily transaction tender

• Can be used as collateral for loans and credit facilities

• You can keep the coin in the bank or take it away

• Buy back- the bank will buy back the coin whenever the buyer wants to return it

• Can be used as a saving vehicle and to hedge against currency volatility

• Price will be linked to obtaining gold market value

 

https://tfiglobalnews.com/2022/07/01/zimbabwe-ditches-american-dollar-and-shifts-to-gold-more-african-nations-to-follow-the-suit/

What some Zimbabwean people think about the coins:

Contrary to what some believe, Mosi-oa-tunya coins are not for daily transactions on the streets

The Zim gold coins will become available on the market on 25 July. Many Zimbabweans on the street are not too sure what exactly the coins mean to them. Zim Now asked 20 people on the streets of Harare what they understood about the soon to be released gold coins and here are some of the answers:

• “It’s a currency for the rich. At over USD one thousand five hundred, how many can afford to buy a coin?” Female- 23

• “I think it is a way for the government to phase out the bond note which is no longer viable and bring a gold backed currency.” Male- 37

• “They are like the bearer cheques that (Former Reserve Bank of Zimbabwe governor) Gono introduced some time back. Just like the bearer cheques, they will soon be valueless.” Male- 53

• “I have no idea what exactly they are. We will see when they come.”- Female-19

• “They are not explaining properly what this means. They should have outreach campaigns so that we can understand what these coins are and how we can use them.” Female -43

• “They are a way for business and industry to protect themselves against RTGS inflations without having to buy US dollars. If this lowers demand against the US, maybe we can start to see the local currency stabilizing. That is my understanding of what RBZ is trying to do. I just don’t know if they will succeed.” Female- 37

• “We know that we will see the forex dealers selling the gold coins on the street on 25 July. Just as we see every currency introduced being displayed by street dealers while we struggle to access our cash in the banks.”- Male- 64

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