RBZ Announces Suspension Of Sale Of Zimbabwe’s Gold Coins
The Reserve Bank of Zimbabwe (RBZ) has announced the suspension of the sale of Zimbabwe’s gold coins with immediate effect, bringing to an end the mop-up exercise meant to clear the remaining stock.
Sale was for remaining stock – not new minting
In a statement dated 16 June 2025, RBZ Governor Dr John Mushayavanhu made it clear that the suspension follows the successful conclusion of the clean-up sale and not the restart of new minting operations, which had already been halted in April 2024.
“The Reserve Bank of Zimbabwe wishes to advise the transacting public that the mop-up sale of gold coins has been suspended, with immediate effect, following the successful completion of the exercise,” said Dr Mushayavanhu.
He clarified that:
“This was a sale meant to clear remaining stock and not the minting of new gold coins which had been suspended in April 2024. The latest round of gold coin sales also included coins redeemed by holders.”
The RBZ introduced the gold coins in July 2022 as a store of value amid high inflation and a weakening Zimbabwe dollar. The price of each gold coin was linked to the prevailing international gold price plus a margin for handling costs.
Gold coins remain tradeable and redeemable
The central bank said gold coins already in the market remain valid financial instruments and can still be traded or redeemed by holders.
“The Reserve Bank further advises that future gold coin sales will be undertaken upon accumulation of a sizeable quantity from redemptions,” Dr Mushayavanhu stated.
The coins, which were bought using either Zimbabwe dollars or foreign currency, played a key role in monetary policy to mop up excess liquidity.
The central bank did not provide figures for the total number of gold coins sold during the mop-up phase, but previously reported sales of over 35,000 units worth more than ZW$30 billion (approximately R1.4 billion).
RBZ promises new financial instruments
The RBZ reassured the public that it remains committed to promoting financial stability and will introduce new financial instruments to encourage savings.
“The Reserve Bank would like to take this opportunity to reaffirm its commitment to continuously avail alternative financial market instruments to promote savings, as well as achieve its monetary policy objectives,” Dr Mushayavanhu concluded.
The announcement comes as the central bank continues to implement tight monetary controls following the introduction of the new structured currency, Zimbabwe Gold (ZiG), in April 2025.
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