The Reserve Bank of Zimbabwe (RBZ) has announced that the recently introduced gold coins will be sold in the Zimbabwean dollar and other currencies at a price based on the prevailing international price of gold and the cost of production.
Gold coins were introduced last month on the market to restore the value of the local currency against the US Dollar.
In a statement, where RBZ issued gold coins security features, they said “the coins will be available for sale to the public from July 25, and will be bought using the Zimbabwean dollar, the United States dollar or other foreign currencies at a price based on the prevailing international price of gold and the cost of production.”
Zimbabwean Dollar notes were introduced in 2019 to work with the US dollar, but since then it has lost its value, triggering the rise of inflation and grappling within the Zimbabwean economy.
Meanwhile, the black market exchange rate is trading Zim dollar at US$1 to $700ZWD on RTGS and US$1 to $400ZWD cash.
However, the current bank exchange rate is trading the local currency at US$1 to 361.9 ZWD.
