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Zimbabwe Central Bank: Gold Coin Sales to Commence in Late July

The Reserve Bank of Zimbabwe (RBZ), announcing its plans to issue gold coins, issued a statement on July 4, advising ‘the general public of the main features and characteristics of the coin’. The statement states that the public will be able purchase gold coins at a price determined by the current international price of gold and production costs.

According to the RBZ, the sale of the coins will begin on July 25, and buyers can purchase them using USD or local currency. One troy ounce of gold is equivalent to 31.10 grams. The statement stated that each coin is of high purity, 22 carats, and has been assigned a serial number to aid identification.

The RBZ previously stated that the gold coins would be used by Zimbabwean investors who want to protect their savings from the country’s inflation. Individuals and unlicensed entities had been prohibited from purchasing or storing any gold prior to the latest central bank decision.

Country’s laws state that only authorized persons or entities are allowed to possess or sell precious metals to the country’s sole buyer, Fidelity Printers and Refiners. Individuals who violate the law could be sent to prison.

To Issue Ownership Certificates to Coin Holders

The RBZ also provides information about where residents can buy gold coins. However, it assures investors that they will be allowed ‘to take physical possession’ of the coins. A ‘Bearer Ownership certificate’ will be issued to holders of gold coins, according to the statement. Holders who choose to use custody services provided by a third party will receive the relevant receipt or certificate.

The RBZ provides guidance for financial institutions and entities who wish to trade the coins or use them.

The coin will be considered a liquid asset, meaning it can be easily converted into cash and will be tradeable locally as well as internationally. It can also be used to transact.

The gold coins can be used as collateral for loans and credit, in addition to their prescribed asset status. The RBZ stated that there is also a buyback agreement in case the holder wishes to dispose of the coin.

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