RBZ Suspends Gold Coin Sales After Successful Stock Clearance Exercise
- Southerton Business Times
- Jun 17
- 2 min read
Reporter
In a significant development, the Reserve Bank of Zimbabwe (RBZ) has announced the immediate suspension of gold coin sales after a successful mop-up exercise. This decision, communicated by RBZ Governor Dr John Mushayavanhu, aims to clarify the purpose of the recent sales, which were designed specifically to clear the remaining stock of gold coins.
Dr Mushayavanhu explained that the latest round of sales was not about minting new coins—an operation that has been on hold since April 2004—but rather about addressing the stock already in circulation. “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.”
Despite the suspension of new sales, Dr Mushayavanhu reassured the public that the gold coins currently available in the market can still be traded and redeemed.
“Gold coins in the market can still be traded and redeemed,” he stated, emphasising that investors should not be concerned about their existing holdings. Looking ahead, he mentioned that future gold coin sales would resume only when a significant quantity had been accumulated from redemptions. “The Reserve Bank of Zimbabwe advises that future gold coin sales will be undertaken upon accumulation of a sizeable quantity from redemptions,” he added.
Dr Mushayavanhu reiterated the RBZ’s commitment to its monetary policy objectives.
“The Reserve Bank of Zimbabwe 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.”
As the RBZ navigates these changes, the emphasis remains on maintaining a stable financial environment and fostering confidence among investors and the broader public. With the suspension in place, many will be watching closely to see how the RBZ manages its gold coin offerings in the future.
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