HARARE – Individual and institutional buyers of Reserve Bank of Zimbabwe (RBZ) gold coins will have to hold them for at least 180 days before selling, while exporters earning less than $1 million are allowed to use the return portion of their earnings to purchase the coins in foreign currency.
A gold coin consists mainly or entirely of gold. Most gold coins minted since 1800 are 90-92% gold (22 karat), while most gold bullion coins today are pure gold, such as the Britannia, the Canadian Maple Leaf and the American Buffalo.
Allied gold coins such as the American Gold Eagle and the South African Krugerrand are typically 91.7% gold by weight with the remainder being silver and copper.
RBZ gold coins named Mosi-oa-Tunya will be released on July 25th.
The central bank has publicly stated that the coins, designed primarily as an alternative to the US dollar as a store of value, will help reduce demand for the greenback.
According to the RBZ, exporting companies earning less than $1 million can purchase the hard currency coins from their undistributed export profits.
- ZimDaily
